Coinbase Global Inc, the largest crypto exchange operator in the USA, plunged to record low value after going public. It slumped about 6% to hold the $256.76 market price on Thursday.
The downfall occurred for four consecutive days without showing any upward spike.
Coinbase’s debut on NASDAQ exclusively drew the attention of many investors/traders. It took the headlines as the first major crypto company to enter the stock market.
However, its shares still manage to hold an exceeding tag for the reference price. Wall Street set a supportive $250 reference price on Coinbase direct listing.
Initial start was pretty impressive with a $381 value on April 14. And the price even crossed a $400 mark on the following days. As it looks, Coinbase shares are down to 22% from its opening day value.
It sets a disappointing record for the company to go public just weeks ago. No exchange-traded fund has observed an eighth-day downslide since 2015 in Wall Street.
Market analysts incurred investors diversified interest in other crypto assets. Enthusiasts explicitly mentioned DOGE & Binance Coin – tokens to offer no exchange service.
Traders keep pouring the investment into trending assets to possess value in the market.
The downfall started with the sudden collapse of crypto assets in the last days of April. The incident hit almost every major crypto towards a sharp downslide.
But major digital currencies like BTC, ETH, DOGE, LTC already soared enough to recover the loss. ETH currently holds the top trending position with extreme surges in market value.
Some are blaming the company’s vague potential on market capitalization for the slide.
Edward Moya, a senior market analyst at Oanda, responded to the media on Coinbase’s downfall. He denoted the withdrawal of its direct listing for the disaster.
Now investors/traders can predict its expectations from other operating exchanges. And it’s likely to affect the market value for a short period – he concluded.
Overall crypto market isn’t exactly holding a steady pace for the last two weeks.
Consecutive events keep approving its absolute uncertainty among conscious market enthusiasts. It’s possible for Coinbase to make a stand on its reasonable recovery.