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Coinbase stock plunges to record low, further decoupling from crypto

The stock was down by as much as 6.5%, even as the overall cryptocurrency market reached new all-time highs.
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. 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 last month. Coinbase’s volatile post-IPO journey. | Chart: TradingViewMike Bailey, director of research at FBB Capital Partners, told Bloomberg that the selloff of Coinbase was largely due to the formation of a “mini-bubble” that is now in the process of bursting. H

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Źródło: https://cointelegraph.com/news/coinbase-stock-plunges-to-record-low-further-decoupling-from-crypto

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