Cryptocurrency: Coinbase shares hovering around $222 mark, near all-time low

Cryptocurrency and related stocks are volatile this year after multiple tweets by Tesla and SpaceX chief Elon Musk, regulatory up hauls by China and hesitant investor sentiment pulled prices. (Representative Image)

The stock price of cryptocurrency exchange operator Coinbase has been on a slide this week, as it opened at a near all-time low of $220 on June 21 and is as of 10.00 am on June 23 at $222.47.

Trading at $222.47 on NASDAQ, Coinbase was down $0.13 as of 10 am IST on June 23. It opened at $216.25, touched a high of $223.15 and a low of $210.77 through the day.

The shares have been range bound around $220 levels since Monday, when it slumped by 49 percent from its all-time high of $430 at listing in April this year.

Coinbase was listed on NASDAQ on April 14, 2021 becoming the first major crypto company to go public. It has since seen a range low of $208/share and high of $430/share.

The price slide could be directly attributed to poor performance by cryptocurrencies, including Bitcoin, which shed after the Chinese central bank reinforced its regulatory noose around digital currencies.

Also Read: Top cryptocurrency news on June 23

Cryptocurrency and related stocks are volatile this year after multiple tweets by Tesla and SpaceX chief Elon Musk, regulatory up hauls by China and hesitant investor sentiment pulled prices.

However, asset management firm Ark Invest remains “very bullish” on the stock, The Block Crypto reported.

It noted that Cathie Wood, who is CEO of Ark Invest has so far bought nearly 7 million Coinbase shares worth $1.5 billion at current prices. She was dubbed ‘Wall Street's hottest hand’ by the Wall Street Journal this year.

Meanwhile, Bitcoin recovered from a five-month low on June 22 in volatile session in which it fell below $30,000, extending losses sparked a day earlier when China's central bank deepened a crackdown on cryptocurrencies. But its outlook remained tilted to the downside, analysts told Reuters.

The world's largest cryptocurrency dropped to $28,600, its lowest since early January. It was last up 3.7 percent at $32,802, and remains about 13 percent higher so far this year.