Cryptocurrencies
Coinbase IPO Turns Out to Have Been Bad Day to Splurge on Crypto
- Bitcoin drops as much as 31%, with flashbacks to 2017 plunge
- Retail traders head for exits on Musk tweets, China warnings
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Like many things in markets, crypto managed to maximize the pain. The rise of a slew of coins went on just long enough to pull in a bunch of otherwise sensible money. And then they made them pay.
The siren song reached a peak with Coinbase Global Inc.’s market debut on April 14. The direct listing of the largest U.S. crypto exchange supercharged theories that crypto had made it to the investing mainstream, that Wall Street’s embrace lent legitimacy to the asset class and the sky was the limit. Retail investors flooded in.