A rough weekend tested the newly public stock of Coinbase (COIN).
Sunday was an out right assault with $7.6 Billion in Crypto Long Positions Liquidated in One Hour While Monday was not much better with BTC dipping to $54187.85 which cause heavier selling in the alts.
I was waiting to see how Coinbase's stock would hold up in a pullback and I did not have to wait long as it's only been a week since their debut. I was thinking COIN would trade lock step with BTC, but what should be a small vote of confidence in a sea of red Coinbase fell much less than its most important asset. At its lowest point $327.79 that represents only of faction of the devastation we witnessed over the past 2 days. COIN was down 2.63% at close on today from its Friday closing price, even as Bitcoin, had fallen approx. 9% over a similar period.
Bitcoin has had a pretty wild ride as it fell below $54,000 on Sunday, after trading above $64,000 as recently as Wednesday... Lots of mainstream media are saying Bitcoin got ahead of itself or the news out of Turkey helped trigger this action. I think it was whales cleaning out leveraged accounts which was justified by news not caused by it.
Another important note is during this time period of increase volatility Coinbase did not report any outages. In the past they have been under scrutiny when their systems fail during heavy traffic events. As a public company this scrutiny can raise regulatory and investor concerns so my bet is the have increased server capacity to mitigate some of their existing problems.
I'm seeing COIN as a way to have exposure into the space that's not as closely tied to coins which is perfect for diversification on the space. I have been adding shares of COIN to round out my miner and coin portfolio of the space.
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I think I remember my friends telling Binance Crashed for a while, they couldnt access binance while the price was crashing.
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Interesting I had no issues trading with coinbase pro which is a first.
I still haven't picked up any of it. I think I am going to wait and see what happens. I already have some pretty significant stock/fund holdings, so I think in the future I am going to move the majority of my money into the crypto space. That is the plan anyway. I am glad the price is holding and recovering. I think that is good for all of us.
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