Coinbase share price plunges, intensifying contagion anxiety after FTX crisis
Shares of Coinbase (COIN) have plunged to an all-time low price since the company went public.
WASHINGTON, US - (TechtUSA) Coinbase (COIN) shares went public on the NASDAQ last year for around $400. This price has been the peak for COIN. However, Coinbase shares (COIN), which has been on a steady decline since then, fell to $40.62 after the FTX bankruptcy and experienced a total decline of 39% in November.
Coinbase CEO Brian Armstrong explained that Coinbase is not exposed to FTX, Alameda or FTT and has no liquidity issues. However, Coinbase shares have declined more than 80% in the past year, falling at the same rate as many cryptocurrencies.
While investors greed index towards cryptocurrencies continues to decrease intensively after the FTX collapse and crisis, leading crypto firms such as Coinbase and Binance have seen enormous losses as of FTX collapse.
"An expensive ad for Bitcoin"
After FTX crisis, MicroStrategy CEO Michael Saylor stated that the collapse was "an expensive ad for Bitcoin"
“Too many good ideas have been pursued by the crypto industry in an unethical, unsound, irresponsible fashion. The only viable future is registered digital assets trading on regulated digital exchanges,” he added.
Data shared by Coinshares shows that institutional investors' position which tips the downtrend in Bitcoin and Ethereum would continue. In the published report, approximately %75 of the total fund inflows in the last week were towards funds based on the decline of Bitcoin, showing that the investor index continued in the negative direction.
