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Coinbase Hits Record Low as Crypto Contagion Anxiety Intensifies

  • Shares of the cryptocurrency exchange dropped as much as 10%
  • Bitcoin hit session low, plunging more than 4% to $15,589
Bloomberg business news
Crypto Fallout to Bleed Into US Economy, Tchir Says
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Coinbase Global Inc. shares hit an all-time low amid rising investor skittishness over how far the fallout from rival exchange FTX’s insolvency might spread. 

The largest US cryptocurrency exchange’s stock dropped as much as 10.3% to $40.61 before closing down 9% on Monday, leading other crypto-related shares lower. Year-to-date, Coinbase’s shares have plunged more than 80%, while cryptocurrency bellwether Bitcoin is down 65%. Coinbase shares reached a high of $429.54 in April 2021 after making their debut on the Nasdaq.