Coinbase Global Inc. (COIN) continues its move on a bumpy road as the company slumped down to $254.02 (-40% since its ATH) for a fourth day in a row. The company is on the edge of falling below the $250 mark, a reference price for Coinbase's April direct listing.
Coinbase's market capitalization decreased down to $48.7 billion. Mike Bailey, Director of Research at FBB Capital Partners, told Bloomberg that the reason behind Coinbase's freefall is in "bad hangovers" from a mini-bubble in SPACs, IPOs and cryptocurrencies.
"We saw a mini-bubble in SPACs, IPOs, crypto, clean-tech and hyper-growth in late 2020 and early 2021 and many of these asset classes are nursing bad hangovers," Bailey said.
In the meantime, the US-based cryptocurrency exchange plans to become the first fully remote company with no HQs in 2022. As iHodl earlier reported, Coinbase wants to show its decentralized workforce that "no one location is important than the another."
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