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Market Analysis

Bitcoin price drops to near $61K shortly after COIN lists on Nasdaq



Following months of build-up and hypothesis, Coinbase (COIN) listed on the Nasdaq and in true cryptocurrency style, opening day buying and selling was a unstable affair that will have had a widespread impact on the cryptocurrency market.

COIN’s reference price was initially $250 however the inventory opened at $381 and quickly rose to a excessive of round $429.54 earlier than reversing course to $310 as soon as the preliminary frenzy died down.

Sometimes, shares are fairly unstable on their first day of buying and selling and COIN isn’t any exception to that development. Subsequently, the success of at present’s launch and the energy of Coinbase as an organization shouldn’t be purely linked to how COIN carried out at itemizing. 

Presently, COIN trades for $326 and merchants are doubtless watching to see how the inventory performs because the every day shut approaches.

Information from Cointelegraph Markets and TradingView reveals that the downturn in COIN was adopted by an instantaneous sell-off within the price of Bitcoin (BTC), which established a brand new all-time excessive at $64,890 within the early hours of April 14. 

BTC/USDT 4-hour chart. Supply: TradingView

Curiously, shortly after COIN listed, Bitcoin price corrected 5% to hit a every day low at $61,658 and this triggered a sharper sell-off in altcoins.

There have been a number of tokens that have been ready to fend off the downturn and put up optimistic beneficial properties for the day together with THORchain (RUNE), which put on a achieve of 30% to set up a brand new all-time excessive of $16.25, and Digibyte (DGB), which is up 19% on the time of writing and buying and selling at a price of $0.0978. 

Every day cryptocurrency market efficiency. Supply: Coin360

The general cryptocurrency market capitalization skilled a 16.5% decline alongside the drop in BTC, falling from a excessive of $2.6 trillion simply earlier than the launch to a price of $2.17 trillion on the time of writing. Bitcoin dominance fee now stands at 53.6%

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