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COIN: From Riches To Rags

By Candy MathesonCryptocurrencyJan 28, 2022 02:00AM ET
www.investing.com/analysis/coin-from-riches-to-rags-200616264
COIN: From Riches To Rags
By Candy Matheson   |  Jan 28, 2022 02:00AM ET
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Qustion: Why would anyone invest in a broker's stock that is trading well below its IPO price?

"Coinbase (NASDAQ:COIN) is an American company that operates a cryptocurrency exchange platform. It operates remote-first, and lacks an official physical headquarters." Wikepedia

Coinbase went public on the NASDAQ exchange on Apr. 14, 2021. It opened at $381.00, reached a high of $429.54, a low of $310.00, and closed at $328.28 that day.

Since then, price has fluctuated wildly, but never retested its opening-day high, as shown on the following weekly chart, and has plunged to and closed at a new low on Thursday at $170.20.

There have been almost twice as many sellers as buyers of this stock during this time, and it has lost about 60% of its value from its IPO high.

ANSWER: So, with regard to my question above, it's a mystery to me...as is the hype around buying Bitcoin (BTC/USD), about which I've written numerous articles here.

Coinbase Weekly Chart
Coinbase Weekly Chart

To Wrap It Up: The monthly chart looks even more nasty...and amplifies the ponzi-like risk associated with trading cryptocurrencies...in my opinion.

Coinbase Monthly Chart
Coinbase Monthly Chart

COIN: From Riches To Rags
 

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COIN: From Riches To Rags

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Comments (2)
Adah William
Adah William Jan 31, 2022 5:37AM ET
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ok let me understand
BTC price reminder
BTCpricereminder Jan 28, 2022 11:44AM ET
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don't confuse Bitcoin with coinbase even if Coinbase business is linked directly to Bitcoin and other cryptocurrecnies. Bitcoin will absorb most global wealth. decentralized, honest currency with an incorruptible monetary policy, unseizable, scarce. i could go on for hours. dismissing Bitcoin is a big mistake. one day you will understand
vdsc dsfsd
vdsc dsfsd Jan 28, 2022 11:44AM ET
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Explain to me how I compile a household or business budget with something that fluctuates 5% every day.
 
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