Coinbase milestones have become reliable

Coinbase milestones have become reliable

June 24, 2021: -For cryptocurrency investors, new developments from leading exchange Coinbase have become a bad omen.

On Tuesday, the price of cryptocurrencies was struggling again, with the cost of bitcoin briefly falling less than $30,000 for the first time since January prior to rebounding.

This latest Bitcoin milestone in price continues a dramatic fall for the leading cryptocurrency, down over 50% from its record high early this year. As it turns out, on the same day that peak occurred, Coinbase officially entered the financial mainstream.

Coinbase was public through a direct listing on April 14, first trading at $381 per share and then spiking to around $430 before retreating. Bitcoin broke more than $64,000 to hit a new all-time high on the same day.

Neither the cryptocurrency nor the stock has come close to those levels since.

For dogecoin, the derivative of bitcoin started as a joke based on a popular internet meme; there is the same story.

The high point for this crypto asset coincided with Tesla CEO Elon Musk’s appearance on May 8 after Musk had mentioned the coin on social media repeatedly. During the show, Musk said dogecoin as “a hustle.”

However, doge caught a second wind and increase to a smaller peak on June 2, the day before Coinbase started supporting trading of the coin on its platform. The cryptocurrency has dropped over 50% since then, according to CoinMetrics.

This volatility hasn’t been particularly good for the share price of Coinbase, either. On Tuesday, the stock was trading at about $219 per share, down more than 40% from the cost of its first trade in April.

It’s possible that over the longer term, Coinbase’s mainstreaming of crypto leads to greater adoption and higher highs for bitcoin, dogecoin, and the rest.

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