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Coinbase (COIN) slides to new low amid FTX contagion fears

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.