Coinbase Closes at Record Low for Third Consecutive Day... Cryptocurrency Plunge and System Error

[Asia Economy Reporter Park Byung-hee] The stock price of Coinbase, the largest cryptocurrency exchange in the United States, closed at an all-time low for the third consecutive day.

On the 19th (local time), according to Bloomberg News and others, Coinbase's stock price fell 5.9% from the previous trading day, closing at $224.80. Earlier, it plunged 13% to $208 before narrowing the decline, but it still closed at an all-time low for the third consecutive day based on the closing price.

On that day, cryptocurrency prices such as Bitcoin plummeted due to regulatory policies from Chinese authorities, compounded by a system error at Coinbase. Amid a flood of cryptocurrency sell orders, Coinbase trading was halted for over an hour.

Coinbase was directly listed on the New York Stock Exchange last month on the 15th without an initial public offering (IPO). On the first day of listing, the stock price rose as high as $429.54 but closed at $328.28. At that time, it was more than 30% higher than the reference price of $250.

However, since the listing, as cryptocurrency prices have shown significant volatility, Coinbase's stock price has been on a continuous downward trend.

After closing at $248.24, below the reference price, on the 18th, the all-time low closing prices have continued.

The stock price of MicroStrategy, a software company holding a large amount of Bitcoin, also plunged 6.6% on the same day. MicroStrategy announced on the 18th that it invested $10 million to purchase 229 Bitcoins at an average price of $43,663 each. It added that the total number of Bitcoins held is 92,079, with an average purchase price of $24,450.

This content was produced with the assistance of AI translation services.