Bitcoin Price Dips To Nearly $ 61K Shortly After COIN Listed On Nasdaq

Bitcoin Price Dips To Nearly $ 61K Shortly After COIN Listed On Nasdaq

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After months of accumulation and speculation, Coinbase (COIN) was listed on the Nasdaq and much like cryptocurrencies, the opening day of trading was a volatile affair that may have had a widespread effect on the market. cryptocurrency market.
COIN’s benchmark price was initially $ 250, but the stock opened at $ 381 and quickly peaked at around $ 429.54 before falling back to $ 310 once the initial frenzy subsided. .

Generally, stocks are quite volatile on the first day of trading and COIN is no exception to this trend. Therefore, the success of today’s launch and the strength of Coinbase as a business should not be tied solely to how well COIN performs on listing.

Currently, COIN is trading at $ 326 and traders are likely watching the performance of the stock as the daily close approaches.

Data from Cointelegraph Markets and TradingView show that COIN’s decline was followed by an immediate sell-off in the price of Bitcoin (BTC), which set a new all-time high at $ 64,890 in the early hours of April 14.

4 hour BTC / USDT chart. Source: TradingView

Interestingly, shortly after COIN’s listing, Bitcoin’s price corrected 5% to a daily low at $ 61,658, triggering a stronger sell-off in altcoins.

There were several tokens that managed to fend off the slowdown and record positive gains for the day, including THORchain (RUNE), which put in a 30% gain to set a new all-time high of $ 16.25, and Digibyte (DGB), which is up 19% at time of writing and trading at a price of $ 0.0978.

Daily performance of the cryptocurrency market. Source: Room360

The cryptocurrency’s overall market cap fell 16.5% alongside the decline in BTC, from a high of $ 2.6 trillion just before launch to a value of $ 2.17 trillion. dollars at the time of writing. Bitcoin dominance rate now stands at 53.6%

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