Coinbase Global (COIN) began trading on Nasdaq, price reaching a high of $428, but after that fallen by as much as 27%
Coinbase is listed directly on Nasdaq, a well-known exchange for tech companies. And of course, this launch also brought many scandals with many criticisms worth mentioning, the latest being Federal Reserve Chairman Jerome Powell with the view that cryptocurrency is just a means of speculation. Perhaps the same way that during its first launch today, Coinbase (COIN) price reached as high as $ 428, but over the past few hours has dropped 27% to as low as $ 310.
Coinbase (COIN) price plummeted following its launch on the Nasdaq, but the bullish structure remains
Coinbase is a major exchange for trading Bitcoin and other cryptocurrencies. It opened at $ 381 per share, much higher than the reference price of $ 250 earlier. The company said it generated $ 1.8 billion in revenue in the first quarter amid a surge in Bitcoin, Ethereum, and other cryptocurrencies.
The excitement that led to the listing fueled the FOMO cryptocurrency market and prompted Bitcoin and Ethereum to continue setting new all-time highs. And of course, Altcoins and everything else got pumped.
COIN first launched today topping as high as $ 428, but over the past few hours has fallen 27% to as low as $ 310 on the day. However, this is a normal phenomenon for any stock to be listed. The FOMO will appear, a pump and dump will happen, and then that stock will return to more stability.
In the case of COIN, the short-term bullish structure remains intact – meaning that the sell-off could be a retest of the upside is ready to push prices higher.
Elsewhere, Federal Reserve Chairman Jerome Powell said cryptocurrencies are largely for speculation. Furthermore, they are also not really used actively as payments.
“They’re really vehicles for speculation. They’re not really being actively used as payments.”
With this assessment, it is clear that Powell also implicitly argues that Coinbase is essentially just an intermediary, providing a platform for speculative traders?
You can see the BTC price here.
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