- Coinbase shares are falling since SEC sued the exchange.
- The SEC’s lawsuit shakes their stocks as well as the crypto market.
Following the dispute between the U.S. Securities and Exchange Commission (SEC) and Coinbase, the cryptocurrency exchange, the stock of Coinbase (COIN) faces a hit on Tuesday. Yet, this has been holding the stocks high as compared to the losses faced in January 2023. The lawsuit has created a bigger impact on the crypto market consequently.
Downfall of Coinbase Shares
On one side, Coinbase is been sued by the SEC for unlegislated federal security practices and rule-breaking. On the other side, the shares of the COIN downgrade to 20% when the company tries to look at the 15% lower rate of around $47.1 during the day. This is analyzed with respect to the records of the TradingView platform. Currently, it has reached $56.67.
To mention, the shareholders include Cathie Wood’s ARK Invest, The Vanguard Group, Nikko Asset Management, BlackRock, and Fidelity. Meanwhile, the records of March say that ARK Invest has already made 301,437 shares of Coinbase to its Innovation ETF.
Furthermore, the overall shares of around 11M are recorded on ARK Invest till Monday. Also, on the same day, there had a loss of 9% of Coinbase shares. Accordingly, the other shareholders like Robinhood Markets (HOOD) have slid by 3% whereas the same company turned a $38M revenue on trades in Q1, 2023.
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