The stock price of the cryptocurrency exchange, Coinbase, is eventually falling this week. It is opening near its all-time low mark of $220 on June 21. On June 23, it was near $222.47. While trading at $222.47 on NASDAQ, Coinbase was down by $0.13. It opened up with a mark of $216.25 and touched the high with $223.15 and the low by $210.77 throughout the day.
The shares have been ranging bound near the level of $220 since Monday. It has slumped down by 49% from its all-time high mark of $430 at the listing. Coinbase got listed on NASDAQ in April 2021. It is becoming the first major crypto company that is going public. It sees a range low by $208/share and high with $430/share.
This price slide can be attributed to the poor performance of the cryptos, which includes bitcoin. It is shedding after the Chinese central bank, which has reinforced its regulatory noose for digital currencies.
All the related stocks and cryptocurrencies became very volatile this year after many tweets made by Tesla and SpaceX CEO Elon Musk. Moreover, regulations have been hauled in China, which has made investors hesitant to pull the prices. The asset management firm, Ark Invest, is remaining very bullish on the stock. It has been noted that Cathie Wood, the CEO of Ark Invest, has bought 7 million Coinbase shares worth $1.5 billion. She was dubbed as the hottest hand of Wall Street.
Bitcoin has recovered from the five-month low on June 22 in a volatile session. It has fallen below the mark of $33000, which is extending the losses due to many reasons. China’s Central Bank has pressured a crackdown on cryptos. But the outlook of this has remained tilted towards the downside.
Bitcoin, the world’s largest cryptocurrency, has dropped by the mark of $28600, which is the all-time lowest after the price of January. It has jumped by 3.7% recently to $32802 and remained around 13% higher this year.