BBKCF - Why is Coinbase stock down today? Bitcoin slump
Shares of cryptocurrency exchange Coinbase (NASDAQ:COIN) wraps up Monday with a 5.1% decline as the world's largest digital token, Bitcoin (BTC-USD), -6.3% drifts lower to $55.7K per token. Shares of COIN slightly rises 0.2% in after-hours trading. Coinbase's (COIN) total percentage return outpaces Bitcoin (BTC-USD) by a wide margin since the day the company started trading on the Nasdaq. But the two trends appear to move similarly, as seen in the chart below Last Friday, Hayden Capital disclosed to investors that the firm opened a position in Coinbase (COIN) as crypto hits the mainstream. Most crypto-related exchange/platform stocks, including Net Savings Link (OTCPK:NSAV) -6.8%, Robinhood (NASDAQ:HOOD) -4%, Plus500 (OTC:PLSQF) -2%, BIGG Digital Assets (OTCQX:BBKCF) -8.5% fall on Monday amid Bitcoin's (BTC-USD) continued weakness. Previously, (Nov. 10) Coinbase shares fell on disappointing Q3.
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Why is Coinbase stock down today? Bitcoin slump