Why Coinbase Stock Slid on Thursday
Shares of cryptocurrency trading platform Coinbase Global (NASDAQ: COIN) slid on Thursday after a report surfaced saying the company was in talks to buy an international rival for a whopping $3.2 billion. There's already a lot of uncertainty in the cryptocurrency space, making investors reluctant to purchase Coinbase stock. But now that it's looking to making high-dollar splashes in international markets, perhaps investors are even more inclined to sit on the sidelines. As of 12:40 p.m. ET, Coinbase stock was down almost 7%.
Citing Mergermarket, multiple outlets are reporting that Coinbase is looking to buy BtcTurk for $3.2 billion. BtcTurk operates in Turkey and claims to be the fourth cryptocurrency-trading platform ever created. Beyond its longevity in the business, BtcTurk could be attractive to Coinbase because cryptocurrency adoption in Turkey is high. In fact, according to Statista, Turkish citizens have adopted digital assets at the fifth-highest rate of any country in the world.
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Source Fool.com
