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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
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* If the dots don't connect, gather more dots until they do...or, just follow the $$$...





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Friday, January 28, 2022

COIN: From Riches To Rags

QUESTION: Why would anyone invest in a broker's stock that is trading well below its IPO price?

"Coinbase Global Inc., branded Coinbase, is an American company that operates a cryptocurrency exchange platform. It operates remote-first, and lacks an official physical headquarters." Wikepedia

Coinbase (COIN) went public on the Nasdaq exchange on April 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.

TO WRAP IT UP: The monthly chart looks even more nasty...and amplifies the ponzi-like risk associated with trading cryptocurrencies...in my opinion.

P.S. But, the plunge didn't stop here...there's even more carnage that followed, as described here...