- NASDAQ:COIN fell by 1.15% as the crypto exchange fell back below the $300 price barrier.
- Ethereum overtakes Bitcoin as the hottest cryptocurrency on the market.
- Coinbase makes its first acquisition as a public company.
NASDAQ:COIN has started off May in the same way that it started its first two week as a publicly traded company: trading lower. Growth sectors and big tech had another rough trading day even as the S&P 500 index continued to rise. Monday saw Coinbase fall a further 1.15% to close the session at $294.21. The daily trading volume fell off a cliff for Coinbase as retail investor interest has waned since the much hyped direct listing in mid-April. Shares continue to creep down towards the previous low of $282.07 even as the crypto markets remain red-hot.
The crypto markets have been surging as retail investors continue to leave the volatility of the stock market. But for once, it hasn’t been Bitcoin leading the charge as its younger sibling, Ethereum, has hit new all-time highs. Ethereum has climbed over 30% during the last week and crossed the $3,000 price barrier for the first time in its history. There is a growing rhetoric amongst the crypto community that Ethereum’s long-term utility may make it a more attractive investment than Bitcoin when all is said and done. The Ethereum Blockchain is already used for things like the digital certification of NFTs and executing financial payments.
COIN stock news
Coinbase has announced that it has made its first acquisition as a publicly traded company: Skew. The platform is the leading data analytics system which is used by institutional investors to stay on top of the crypto markets which are open 24 hours a day and seven days per week. Coinbase says that the acquisition is to further its commitment to its institutional investors while providing real-time data for the crypto derivatives market.
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