The debut of the Coinbase exchange in the stock market turned out to be associated with the volatility inherent in the cryptocurrency space. While traders are still trying to determine the fair value of the largest American digital asset exchange, which leads to significant price swings.
COIN began trading at $ 380 and quickly climbed to a local high of $ 429.54. At this point, the market reversed and the stock went into a free fall until it hit a low of around $ 310. The last deals before the close of the markets were made at a price of $ 328.28, that is, 14% below the opening.
The current rate assumes a capitalization of $ 64 billion to $ 84 billion, depending on how much of the issue is taken into account. Traders joke that the Coinbase chart is more like a chart for a Shitcoin listed on the Uniswap decentralized exchange.
Against this background, the cryptocurrency exchange Binance, which previously announced the listing of tokenized shares of Coinbase, announced a delay in the start of trading.
“Binance is temporarily postponing the listing of Coinbase Stock Token (COIN) due to market volatility. The TSLA / BUSD trading pair is unaffected. We will make a separate announcement when the COIN / BUSD pair is open for trading, ”Binance said in a posting.
Coinbase shares, meanwhile, continued to be traded on the FTX exchange, where preliminary contracts for them were added long before the listing. FTX CEO Sam Bankman-Fried drew attention to the fact that the FTX market is showing almost perfect correlation with trading on the Nasdaq. Coinbase is down 50% from yesterday’s FTX highs. As noted by The Block, Coinbase’s direct first day listing remains the largest in history, outperforming the likes of Palantir, Spotify and Roblox.
“Volatility is inevitable,” Coinbase board member Fred Ehrsam told CNBC. “This is the nature of such a giant technology.”
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