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.

Coinbase chart by TradingView

Binance's token, BNB, was down 4.13% according to TradingView, while Gemini's (GUSD) was down 1.86%.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

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.


© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Catarina is a reporter for The Block based in New York City. Before joining the team, she covered local news at Patch.com and at the New York Daily News. She started her career in Lisbon, Portugal, where she worked for publications such as Público and Sábado. She graduated from NYU with a MA in Journalism. Feel free to email any comments or tips to [email protected] or to reach out on Twitter (@catarinalsm).

Editor

To contact the editors of this story:
Madhu Unnikrishnan at
[email protected]
Nathan Crooks at
[email protected]