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Stocks of Coinbase Global dipped to a record low on Thursday, after large investors left high-flying newcomers in the market. The value decreased by as much as 7%, hitting $ 250.52 per share.
Meanwhile, Virgin Galactic Holdings and Opendoor Technologies lost more than 5%.
Most probably, the slump in Coinbase is caused by the sharp drawdown in Bitcoin, as investors are currently flocking in other tokens such as Dogecoin and Binance coin, which the company is yet to offer.
Back on April 14, Coinbase was trading at $ 381 dollars, and then briefly exceeded $400. Now, it slipped by a massive 22%.
Aside from that, on April 13, Nasdaq set a reference price to the company - $ 250. But this was not a direct indicator of Coinbase's potential market capitalization.
OANDA's senior market analyst, Edward Moya, said: "What damaged Coinbase is the expectation that other exchanges will follow its footstep on going public via direct listing. There was a perception before that its shares will soar in the short term."
In any case, the sag in Coinbase shares will be very attractive for investors, and may raise purchases in the medium term.
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