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Coinbase Global Inc (NASDAQ: COIN) does not seem in a good shape as the stock price drops to record low. Leading US crypto exchange is witnessing a decline since the start of this year while investors are looking for a ray of hope. Yet COIN stock price is not taking any luck and dropping constantly. For now, Coinbase stock is at its all time low.
Coinbase Stock Price Movement on Chart
Clearly COIN stock has seen another record low—sixth low in the ongoing month itself. Currently it is trading at 37.98 USD with 5.5% decline in the last 24 hours. The trading price is down by almost 85% year over year.
The crypto exchange has performed worse than the leading cryptocurrency Bitcoin (BTC) as it has dropped about 75% from it’s all time high of over 69K USD in November last year.
Coinbase stock price breached all the significant lower levels as well as support levels. Recently asset prices hit a new all-time low at $37.4 and more selling is likely ahead. There is low buying interest, which is not good for COIN stock, but bulls may take a step ahead closer to the next round level of $30.
Company Facing Tosses Here and There
Leading exchange with the second highest trading volume has witnessed bad omen during the ever worsening crypto winter. It was reported to face lawsuits filed by users given the mismanagement of funds leading to the loss.
Earlier TheCoinRepublic reported Coinbase offered a free swap for USDT stablecoin with USDC. However, the offering was heavily criticized by the crypto community users. Many people cited it as an illicit move and disagreed to accept it.
Following the fall of once a leading crypto exchange FTX, the sentiment towards centralized exchanges changed, somewhat dubious. Although the top players within the industry, including Coinbase, quickly responded and took safety measures. They made efforts to set transparency with users—initiated the audits and represented proof of reserves.
Philip Martin, Chief Security Officer at Coinbase, stated in a blog post that although the exchange already proved the reserves after auditing financial statements, it is also looking for more methods to prove reserves.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
