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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...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex

N.B.
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
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* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.

DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...please read my full Disclaimer at this link.

Dots

* If the dots don't connect, gather more dots until they do...or, just follow the $$$...

Paris Cafe

Paris Cafe

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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.