Shares of coinbase hit a new all-time low of $40.62 on Monday as the stock price of the crypto exchange continues to reel in the aftermath of rival FTX's collapse. $COIN HeleneBraunn reports
) price rose to a record high near $69,000 in November 2021, but crypto markets have been falling ever since, and Coinbase's shares came along. The stock has lost more than 80% of its value this year, underperforming most cryptocurrencies.
“Coinbase shares can't catch a break,” Oanda’s Edward Moya said. “The major cryptocurrency exchange has yet to convince investors that its share price will stabilize like some of the other top cryptos as investor skepticism about trading on exchanges grows."as investor’s appetite for crypto tanked after FTX’s bankruptcy triggered an industry-wide contagion. Coinbase’s bonds dropped 15% this month and are trading at 50 cents on the dollar, according to data firm Finra-Morningstar.
“Coinbase has a small exposure to FTX, but most of the recent weakness is stemming from concerns many crypto traders might be opting for cold storage instead of keeping money on exchanges,” Moya said. “Coinbase has a tough road ahead until investors have further clarity on the company's reserves and exposure to other crypto assets.”
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