Coinbase (NASDAQ: COIN) fell nearly 10% on Monday as major cryptocurrencies continued to slide following the recent collapse of crypto exchange FTX.
Coinbase shares fall 10% to hit new low
With contagion fears still fueling jitters among crypto investors, the COIN stock price declined to $40.61 to see Coinbase’s market cap dip to $9.26 billion.
The crypto exchange’s shares have fallen for the fourth session in a row, with over 26% in losses registered over the past five days.
Year-to-date, COIN has shed over 84% of its value, mirroring the bear market performance of Bitcoin (BTC/USD) that’s down nearly 5% in the past 24 hours and over 77% down since hitting its all-time high in November 2021.
Coinbase went public in April 2021, with its market cap above $85 billion.
However, after falling alongside the broader market amid the 2022 bear market, the past few weeks have triggered further investor apathy that now sees COIN at risk of breaking below $40.
And according to crypto analyst Dylan Leclair, the outlook for COIN and the current market jitters mean Coinbase is finding it difficult to attract investments.
I don’t even think it’s possible to buy the secured debt unless you are an institution.
The KEY point is that public capital markets aren’t willing to finance $COIN as a SECURED creditor for anything less than 17%.
Many people here happily serve as UNSECURED creditors for 0%. pic.twitter.com/hGZJcThlcM
— Dylan LeClair 🟠 (@DylanLeClair_) November 21, 2022
The post Coinbase (COIN) slides to new low amid FTX contagion fears appeared first on Invezz.
