Following a second week in trading, Coinbase shares have closed at $293.45, which represents a fall of 32% from the opening day high of $429.53.
Coinbase launched its COIN stock on Nasdaq via direct listing on April 14th at a price of $381. Its price swiftly grew past the $400 level but eventually closed at $328. A slight recovery was registered mid-last week, but things started going south after that. It is worth mentioning, though, that the rate is still higher than the reference price that the Nasdaq had offered before trading started.
Even before Coinbase went public, experts predicted that the price of the exchange’s stock would probably be connected to how the crypto market is doing, and they seem to have been right.
During the previous week, crypto markets lost a total of $400 billion in market capitalization. Bitcoin, for example, fell below the $50,000 level on Thursday, for the first time since early March. It is currently trading around the $50,000 mark.