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.
The post Coinbase (COIN) slides to new low amid FTX contagion fears appeared first on Invezz.
