The move came just weeks after the SEC’s strict actions against Kraken exchange and the stablecoin issuer Paxos. Coinbase Gets Wells Notice By SECĪccording to the most recent Coinbase stock news, the company has been served a ‘Wells Notice’ by the Securities & Exchange Commission of the US. However, the prices reversed to make new yearly highs as soon as the US government announced protection for all depositors. The collapse of the Silicon Valley Bank further added fuel to the fire, and BTC slid below $20,000. More recently, Silvergate Capital Corporation has announced its plans to liquidate its banking unit.įollowing the announcement, crypto prices started to tumble. Recently it was announced by the bank that it might not be able to conduct business as usual.įollowing this announcement, many exchanges, including Coinbase Exchange, distanced themselves from the troubled bank. Silvergate was one of the few banks that had partnered with crypto exchanges for fiat payments. The crypto industry is still not recovered from the FTX collapse, and another major institution has collapsed. Coinbase (NASDAQ: COIN) & The Banking Crisis However, the price is tumbling once again as Bitcoin price failed to break above $25,000. Since the start of 2023, Coinbase stock has shown a massive rebound due to a corresponding recovery in BTC price. As of March 20, the stock of the top US Exchange is trading 86% below its 2021 all-time high.Īs Bitcoin peaked at $69,000 in November 2022, Coinbase shares (NASDAQ: COIN) also tumbled. Nonetheless, the following sell-off proved that the company’s stock was overvalued. The fear of missing out (FOMO) caused many new investors to jump to those insanely high levels. Just within a few days after the launch, Coinbase stock price went from its listing price of $250 to $429. Coinbase IPO was one of the most hyped IPOs of 2021 as it occurred at a time when both traditional and crypto markets were in a bull market. Coinbase Stock History Was Coinbase IPO Price Overvalued?Īfter establishing itself as one of the major crypto hubs in the world, Coinbase finally listed itself publicly in 2021. After attempting to recover, the stock crashed again and retested the lowest point as the crypto sell-off intensified. The stock plunged to an all-time low of $40 in May. The subsequent breakout had Coinbase stock price rally to a seven-month high in November 2021 before recording a trend reversal that has continued this year. Granted, it momentarily rose above the range’s upper border to a three-month high in mid-August. "Coinbase Global (COIN) stock forecast for 2025.Between mid-May and mid-October 2021, it was range-bound between $260.93 and $208.62. "Jim Chanos Doubles Down On Coinbase Criticism: 'It Just Doesn't Work'." "Coinbase Lays Off Another 20% of Its Employees." "For Coinbase, FTX’s Bankruptcy Has Its Pluses and Minuses." "Global Cryptocurrency Market Cap Charts." "Coinbase cuts jobs again as cryptocurrencies extend fall." "Coinbase ‘tremendously overvalued’ as fee feast set to end, warns short-selling legend Jim Chanos." "Coinbase Disappoints With User Forecast, Revenue Miss." You can learn more about GOBankingRates’ processes and standards in our editorial policy. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date.
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