June 15, 2021

Coinbase($COIN) Share Price Falls Below Reference Amid Crypto Market Sell Off

2 min read

Coinbase ($COIN), the New York-based crypto exchange that went public last month has actually fallen listed below the recommendation rate of $250 for the first time given that listing.$ COIN was trading just under $244 at the time of writing after signing up a 5.3% decrease considering that the opening today. The rate fall comes in the middle of a red crypto day in Twitter where most of the digital properties have actually fallen to the tune of 5%-10%.

Coinbase

Source: TradingView * COINBASE FALLS 5.3% TO $244.60, BELOW REFERENCE PRICE OF$250– * Walter Bloomberg(@DeItaone) May 17, 2021< script async src= “https://platform.twitter.com/widgets.js” charset =”utf-8 “> Coinbase made its public debut on Nasdaq after a sensational first-quarter efficiency and turned into one of the highest valued companies to ever go public on the platform. At the time of noting $COIN shares opened at $381 regardless of a referral cost of $250. The listing was also postponed due to an ongoing investigation by the CFTC as an outcome rather of March, the crypto exchange went public in April after clearance from the SEC.

Crypto Market in Red After Elon vs Bitcoin Twitter Faceoff

The Elon Musk crypto Twitter face-off versus Bitcoin proponents over his several unclear allegations took a “salty” turn when Musk threatened to go all-in Dogecoin and then responded to several tweets consisting of a known “crypto scammer” indicating that looking at the push back he has gotten from Bitcoin advocates Tesla may offer their Bitcoin holdings. This resulted in a sharp decline in Bitcoin price which was up to a 3-month low simply above $42,000. Many even began speculating that Tesla might have indeed sold their BTC holdings taking a look at Musk’s unnecessary aggression and threatening tone. However, he later clarified that Tesla hasn’t sold any of their Bitcoin.

Most of the altcoins also followed the bearish trend as most of altcoins fell in between 5%-10% disallowing a few. While FUDs in the crypto market is absolutely nothing new, but if somebody of Musk’s stature decides to offer fuel a number of debunked and evaluated FUDs it developed an entire different circumstance.

Crypto heat map
Source: quantifycrypto The post Coinbase($COIN) Share Price Falls Below Reference Amid Crypto Market Sell Off appeared initially on Coingape.