Coinbase Stock Price Crashes 16% Pre Market Over SEC’s New Charges

Coinbase Stoke Crash: U.S. Securities and Exchange Commission (SEC) on Tuesday announced that it has charged the nation’s biggest cryptocurrency exchange Coinbase (NASDAQ: COIN). The commission alleged that the crypto exchange was operating as an unregistered national securities exchange, broker, and clearing agency. Reacting to the lawsuit, Coinbase stock price witnessed a massive sell off in the pre market session, dropping by almost 16%.

Also Read: “It’s An Attack On The Entire Industry”: Binance CEO On US SEC Allegations

As per the data, Coinbase stock price declined by 16% before the market opens up for trading. COIN price closed the last session trading at $58.71. However, with the ongoing pre market sentiments, it is expected that to see Coinbase stock price to drop around $48.53.

It is important to note that, COIN price took a hit of around 10% on Monday. This comes after the US SEC pressed charges against the world’s largest crypto exchange Binance and its CEO Changpeng Zhao (CZ). The commission also alleged that 13 crypto assets like Solana (SOL), Cardano (ADA) and Filecoin tokens are considered “crypto asset securities”.

The global crypto market cap is down by more than 4.4% over the past 24 hours to stand at around $1.08 trillion.

(THIS IS A DEVELOPING STORY)

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Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.