Crypto exchange Coinbase (COIN) saw its stock plummet to a new all-time low of $40.62 on Monday. This comes amid the FTX blowup chaos and dwindling trust in centralized crypto exchanges.
The United States-based exchange’s stock is currently trading at around $42, which is about 80% down year to date, according to data from Yahoo! Finance. Coinbase traded at over $400 with an $85 billion market cap at the time of its IPO on the Nasdaq last year.
Coinbase’s share price has been heavily impacted by the fallout of its rival FTX, which filed for bankruptcy on November 11. In this month alone COIN has gone down over 39%, from $69 to around $42. This is even though the exchange has said it has no material exposure to FTX.
Coinbase’s bonds are also at historic lows. Its bond due 2031 dropped by 15% in November and is currently trading at 50.5 cents on the dollar, indicating that investors believe there’s a high chance the…
