Coinbase shares hit all-time low Monday as centralized exchanges deal with FTX fallout
Quick Take
- Coinbase shares fell to a record low on Monday, with the price slipping around 8% to under $42.
- FTX’s collapse had a negative impact on user confidence in centralized exchanges such as Coinbase.
Shares of crypto exchange Coinbase hit an all-time low Monday, as fallout from FTX's demise has continued to rattle the industry.
The exchange was down roughly 8% at the time of publication, with its stock priced under $42.
Confidence in centralized exchanges dwindled following FTX's quick unraveling, and billions of dollars started pouring out of exchanges.
Binance's token, BNB, was down 4.13% according to TradingView, while Gemini's (GUSD) was down 1.86%.
Meanwhile, bitcoin's price slipped below $16,000 (1.78% down) once again, and ether fell around 3.25%.
Coinbase said in its third-quarter earnings report that expenses fell to $1.1 billion from $1.8 billion in the previous three months and that while trading volumes were lower, subscription and services revenue showed encouraging signs.
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