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Coinbase lowers investor success for Dogecoin, Binance | Crypto News

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The largest cryptocurrency exchange operator in the United States fell 6 percent to $ 256.76 on Thursday, the fourth consecutive day.

By Bloomberg

Coinbase Global Inc. the record fell as investors fled new high-end markets.

The largest cryptocurrency exchange operator in the U.S. fell $ 6,256.66% on Thursday, falling for the fourth day in a row.

That left the shares above the $ 250 reference price for the April direct listing. The shares of the newly traded fund, which was recently released to the public, plunged into an eighth day, the longest slide since 2015.

Virgin Galactic Holdings Inc. and Opendoor Technologies Inc., companies that went on the market through a white check offering, sank by at least 3.8%.

“We saw a mini-bubble in SPAC, IPO, crypto, clean technology and hyper-growth in late 2020 and early 2021 and many of those asset classes are bad hangovers,” said Mike Bailey, research director at FBB Capital Partners.

Coinbase’s slide investors are pouring into highly speculative cryptocurrencies, such as Dogecoin and Binance Coin – tokens that the exchange does not offer.

Most of the traffic has come from Bitcoin trades, but the price of the largest crypto currency has been in a narrow band for weeks. Coinbase began trading at $ 381 on April 14, before hitting $ 400. It has fallen 22% since closing on the first day.

The Nasdaq set a reference price of $ 250 per share on April 13 for Coinbase’s direct listing, which is a requirement to start trading in the stock, but not a direct indicator of the company’s potential capitalization.

“What has really hurt Coinbase, now that its direct listing has come out, is that you are seeing expectations coming from other exchanges,” said Edward Moya, Oanda’s chief market analyst. “There is a belief that this could be as good for Coinbase in the short term.”

The Renaissance IPO ETF fell 4.2% on Thursday, and the loss so far was about 14%.



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