COIN - Coinbase Shares Tumble With Bitcoin: What's Going On? | Benzinga
Coinbase Global, Inc. (NASDAQ:COIN) shares are trading higher Friday as the prices of Bitcoin (CRYPTO: BTC) and other cryptocurrencies fall.
The Details:
The price of Bitcoin has fallen nearly 12% over the past five days as investors digest the movement of a large amount of Bitcoin by defunct cryptocurrency exchange Mt. Gox from a cold wallet to a new wallet, possibly in preparation for payouts to its creditors.
Cryptocurrency analyst Ali Martinez sounded a bearish alarm, with more potential downsides to follow for Bitcoin.
“Bitcoin closing below $57,000 could spell trouble, with potential support only at $51,000,” Martinez stated.
At the time of publication, Bitcoin is down 3.51% over the past 24 hours at $55,430.82, according to data from Benzinga Pro.
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