Why Coinbase Stock Popped, Then Dropped, Today
It's been a wild day for shareholders in prominent crypto company Coinbase (NASDAQ: COIN). Shares of the centralized cryptocurrency exchange surged more than 8% from yesterday's close as of 11:15 a.m. ET. However, since then, Coinbase stock has declined to a loss of -0.6%, as of 2:30 p.m. ET.
Interestingly, today's move in Coinbase appears to be somewhat negatively correlated to the move seen in the overall crypto market. In early-afternoon trading, the aggregate market capitalization of all cryptocurrencies has regained positive territory, after being down at the start of trading for the equities market (crypto is a 24/7 game).
That said, Coinbase's move aligns closer to the price action of the Nasdaq, which surged this morning before slumping in today's afternoon session.
Source Fool.com
