How are the crypto exchange Coinbase shares? The largest US crypto exchange went public in April 2021 with a high-profile listing, but stocks have lost nearly 90% of their value in the past year, with the FTX campaign causing the latest decline.
The price of US-based cryptocurrency exchange Coinbase (COIN) fell to its lowest price since going public in April 2021. COIN fell to $40.62 on Monday, down 10% today and 39% in November as investors retreated into the digital asset in part due to the fallout from the collapse of the FTX crypto exchange.
Coinbase stock traded as high as $400 on the day the company went public on the Nasdaq last year, the highest price in its history, and even then at least one an expert warns investors should “fasten their seat belts and expect a ride.”
Coinbase shares have fallen drastically
The price of bitcoin (BTC) reached almost $69,000 in November 2021, but the crypto market has fallen since then, and Coinbase shares have reached. The stock has lost more than 80% of its value this year, outperforming most cryptocurrencies.
“Coinbase stock is unstoppable,” said Edward Moya of Oanda. “The leading cryptocurrency exchange has not convinced investors that its share price will fall like some other major cryptos as the skepticism of investors about trading in exchanges is increasing. “
A deal issued by Coinbase collapsed in November as investors’ appetite for the crypto fell after the collapse of FTX fueled the company’s publicity. Coinbase shares have fallen 15% this month and are trading at 50 cents on the dollar, according to data firm Finra-Morningstar. “Coinbase has little exposure to FTX, but much of the recent weakness comes from concerns that many crypto traders may opt for cold storage instead of saving money on exchanges,” Moya said. “Coinbase has a tough road ahead until investors gain more insight into the company’s security and exposure to other crypto assets.”
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