Coinbase Global shares Die due to Crypto Fall

Coinbase Global shares Die due to Crypto Fall

Coinbase Global shares Die due to Crypto Fall

Coinbase Crypto Exchange

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  • The stock of a cryptocurrency exchange has reached an all-time low as investors continue to flee riskier assets.
  • As part of Monday’s cryptocurrency malaise, Coinbase Global Inc.’s COIN -11.41 percent stock fell to its lowest level ever.
  • It has dropped by more than 70% since the end of March.
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As part of Monday’s cryptocurrency malaise, Coinbase Global Inc.’s COIN -11.41 percent stock fell to its lowest level ever.

The cryptocurrency exchange’s shares plummeted 11% to $52.01, falling below their previous closing low of $53.72 in May. Bitcoin has dropped to its lowest point in 18 months, while Ethereum, another prominent digital currency, has lost more than a quarter of its value in recent trading.

Read More: Jim Cramer: Fear market that steady rise in oil prices will lead to a recession

Volatility was prevalent. Celsius Network LLC, a cryptocurrency lender, announced a halt to all withdrawals, cryptocurrency swaps, and account transfers, citing “extreme market conditions.” In the stock market, the S&P 500 finished in a bear market, which is defined as a decrease of 20% or more from a previous high.

Coinbase is now trading at around 85% of what it was when it went public a little over a year ago, at $381. It has dropped by more than 70% since the end of March. Even as it has declined, CEOs have made large profits, with four top Coinbase executives pocketing more than $1 billion in profits from the company’s first public offering through late May.

The reduction corresponds to recent severe macroeconomic headwinds for riskier investments. Concerned about soaring inflation and the Federal Reserve boosting interest rates, investors have generally liquidated “risky” investments ranging from technology companies to digital currency.

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Read More: Jim Cramer warns traders not to invest in digitization stocks: Recession ‘CPI’

Coinbase lost hundreds of millions of dollars in the first quarter as the number of monthly transacting users fell. Executives predicted the decreases would continue in the current quarter.

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