Coinbase shares hit all-time low Monday as centralized exchanges deal with FTX fallout

Markets•November 21, 2022, 2:25PM EST
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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.
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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.

Coinbase chart by TradingView

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%.

BTCUSD Chart by TradingView

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.