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Summary
- Coinbase stock marked its record low of US$208 in Wednesday’s trading.
- Bitcoin plunged as much as 29 percent before regaining some of the losses.
- Coinbase users experienced an outage while logging in for trading and balance checks.
The stock of crypto-currency exchange Coinbase Global Inc (NASDAQ:COIN) plunged as much as 12.9 percent to its record low in Wednesday’s trading as cryptocurrencies, including Bitcoin and Ether, nosedived amid a massive sell-off in the crypto market.
Coinbase is the world’s largest cryptocurrency exchange that offers cryptocurrency payment services to clients. Coinbase made its debut on NASDAQ on April 14 with a reference price of US$250. The stock had topped over US$100 billion on the first day. However, it shed about 30 percent of its value since the listing.
The stock hit a record low of US$208 during the mid-day trading on Wednesday and was down 5.94 percent to US$224.8 when the markets closed. Coinbase has a market capitalization of US$58.9 billion.
Read More: Crypto Market Crashes! US$1 Trillion Wiped Off In 5 Days
Source: Pixabay
Bitcoin Fell Around 29% On Wednesday
The largest crypto-token, Bitcoin, plunged as much as 29 percent on Wednesday before settling at US$39,394.10, down 9.21 percent as of 4:00 p.m. ET. Bitcoin declined about 40 percent from its record high of US$64,829 set in April.
The massive sell-off in the global crypto market was initially triggered by Elon Musk’s tweet, in which he said Tesla would not accept Bitcoin payments for vehicle purchases anymore, following concerns of environmental impact from bitcoin mining.
Besides, China has recently banned its financial institutions from extending cryptocurrency services to clients that added to the investor’s worries.
Read More: Chinese ban adds to Bitcoin’s woes, price sinks 8%
Coinbase Users Face Outage
Meanwhile, Coinbase users faced issues while logging in for trading and balance checks on Wednesday morning during sell-off.
However, Coinbase said it has rolled out a fix for issues and resumed the services in a few hours. There were delays in ETH and ERC-20 withdrawals because of network congestion.
