{"id":243746,"date":"2021-05-06T21:14:46","date_gmt":"2021-05-06T18:14:46","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/coinbase-stock-plunges-to-record-low-further-decoupling-from-crypto\/"},"modified":"2021-05-06T21:14:46","modified_gmt":"2021-05-06T18:14:46","slug":"coinbase-stock-plunges-to-record-low-further-decoupling-from-crypto","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/coinbase-stock-plunges-to-record-low-further-decoupling-from-crypto\/","title":{"rendered":"# Coinbase stock plunges to record low, further decoupling from crypto"},"content":{"rendered":"

“# Coinbase stock plunges to record low, further decoupling from crypto <\/strong>”<\/p>\n

Shares of Coinbase Global Inc. tumbled to fresh lows on Thursday, as Wall Street investors continued to cycle out of high-flying tech stocks. The cryptocurrency market, meanwhile, reached a record valuation over $2.4 trillion.\u00a0<\/p>\n

COIN stock bottomed at $255.15, where it was in danger of breaching the $250 reference price on the eve of its public listing on Apr. 14. After an explosive debut, COIN has been on a downward trajectory. The company now has a total market capitalization of $48.7 billion, which is roughly half of the $100 billion top it achieved<\/a> last month. <\/p>\n

Coinbase’s volatile post-IPO journey. | Chart: TradingView<\/em><\/figcaption><\/figure>\n

Mike Bailey, director of research at FBB Capital Partners, told Bloomberg that the selloff of Coinbase was largely due to the formation of a \u201cmini-bubble\u201d that is now in the process of bursting. He explained<\/a>:<\/p>\n

\u201cWe saw a mini-bubble in SPACs, IPOs, crypto, clean-tech and hyper-growth in late 2020 and early 2021 and many of these asset classes are nursing bad hangovers.\u201d<\/p><\/blockquote>\n

However, Bailey\u2019s assertion that crypto is nursing a \u2018bad hangover\u2019 is misplaced, given the relative outperformance of the asset class this year. Since January 1, the cryptocurrency market has more than trip<\/a>led, with the likes of Bitcoin (BTC), Ethereum (ETH) and many other leading altcoins hitting fresh records. <\/p>\n

Of course, crypto is not without extreme price volatility. The market shed hundreds of billions of dollars between Apr. 17-23 as Bitcoin slipped to around $47,000, a key level of support. A swift recovery brought Bitcoin back above $50,000 and eventually $57,000, where it currently resides. <\/p>\n

COIN\u2019s selloff in recent days mirrors a similar decline in the technology<\/a>-heavy Nasdaq Composite Index. The Wall Street benchmark index has recorded five consecutive declines and is down in seven of the last eight trading sessions. After closing at a record high of 14,138.78 on Apr. 26, the Nasdaq Composite has declined over 4%. <\/p>\n