After months of accumulation and speculation, Coinbase (COIN) was listed on the Nasdaq stock exchange, and in reality for cryptocurrencies, opening day trading was an unstable topic that may have had a major impact on the cryptocurrency market.
COIN’s initial reference price was $ 250, but the stock opened at $ 381 and rose rapidly to around $ 429.54 before returning to $ 310 as the initial frenzy subsided.
Stocks are usually quite volatile on the first day of trading, and COIN is no exception to this trend. As such, today’s launch success and Coinbase’s strength as a company should not just be about how COIN performs on a listing.
COIN is currently trading at $ 326, and traders are likely to keep an eye on how the stock is performing as today’s proximity approaches.
Data from Cointelegraph Markets and TradingView show that the COIN cut was followed by an instant sale of Bitcoin (BTC), which led to a new all-time high of $ 64,890 in the early hours of April 14.
Interestingly, shortly after the coin was quoted, the bitcoin price corrected 5% to a daily low of $ 61,658, resulting in sharper sales for the cryptocurrency.
There were several tokens that were able to curb the decline and provide positive gains for the day, including THORchain (RUNE), which increased by 30%, setting a new full-time high of $ 16.25, and Digibyte (DGB), which was up 19%. At the time of writing, the price was $ 0.0978.
The total market value of cryptocurrencies has fallen 16.5% with the fall in BTC, falling from $ 2.6 trillion before launch to $ 2.17 trillion at the time of writing. Bitcoin dominance rate is now 53.6%