Tuesday’s closing price for Coinbase (COIN) was $52.93; this was a 21% decrease from the day’s opening price of $61.74. It is currently 84% below its all-time high and down 75% on the year.
The Securities and Exchange Commission (SEC) recently started a public investigation into the well-known exchange which has led to this fall.
Some of the coins listed at Coinbase, according to the SEC, are unregistered securities. The site lists ENS, GALA, POWR, and ALCX as securities out of the 150 currencies and tokens it offers.
The most recent insider trading indictment of a former product manager has Coinbase in disarray as well.
Due to the macroeconomic environment, Coinbase was compelled to fire 18% of its employees in June.