Coinbase stumbles to its lowest price since going public as the crypto market sells off
Coinbaseshares on Monday hit their lowest level since making their public trading debut in April.
- The stock fell as much as 8% on Monday as a sell-off in bitcoin led to weakness across assorted
Risk aversion appeared to hit the
Coinbase shares fell as much as 8%, to $238.25, marking the first time they had dropped below the reference price of $250 set before the stock's public-market debut in April. Actual trading opened at $381 on April 14.
Coinbase's stock has largely pulled back since they surged to $429.54 in their first day of trading. Their arrival marked the first cryptocurrency exchange to go public. Bitcoin was also in the spotlight on that day as it hit a record above $64,000.
But bitcoin on Monday sank below $43,000 after Tesla CEO
The value of the global cryptocurrency market lost as much as 23% over the past five days since reaching its most recent market-cap high of $2.56 trillion.
Coinbase last week reported first-quarter adjusted earnings of $3.05 per on revenue of $1.8 billion that met expectations. Coinbase did say it planned to start offering dogecoin for trading in six to eight weeks.
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