Cryptocurrencies
Coinbase Hits Record Low as Crypto Contagion Anxiety Intensifies
- Shares of the cryptocurrency exchange dropped as much as 10%
- Bitcoin hit session low, plunging more than 4% to $15,589
This article is for subscribers only.
Coinbase Global Inc. shares hit an all-time low amid rising investor skittishness over how far the fallout from rival exchange FTX’s insolvency might spread.
The largest US cryptocurrency exchange’s stock dropped as much as 10.3% to $40.61 before closing down 9% on Monday, leading other crypto-related shares lower. Year-to-date, Coinbase’s shares have plunged more than 80%, while cryptocurrency bellwether Bitcoin is down 65%. Coinbase shares reached a high of $429.54 in April 2021 after making their debut on the Nasdaq.