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

After months of build-up and speculation, Coinbase (COIN) was listed on Nasdaq and in true cryptocurrency style, opening day trading was a volatile affair that could have a broad impact on the cryptocurrency market.

COIN’s initial benchmark price was $250, but the stock opened at $381 and quickly climbed to a high of about $429.54 before falling back to $310 as the initial euphoria subsided.

In general, stocks are quite volatile on the first day of trading, and COIN is no exception to this trend. So the success of today’s launch, and the strength of Coinbase as a company, should not be judged solely on how COIN did in its listing.

COIN is currently trading at $326, and traders will likely be watching the stock’s performance as the close of the day approaches.

Data from Cointelegraph Markets and TradingView shows that the drop in COIN was followed by an immediate sell-off in bitcoin (BTC) that began early in the morning of the 14th. April reached a new record of $64,890.

4 hour chart BTC/USDT. Source: TradingView

Interestingly, shortly after COIN’s IPO, the price of bitcoin fell 5% to a low of $61,658, triggering a larger sell-off of the altcoin.

A few tokens were able to bounce back and post positive gains for the day, including THORchain (RUNE), which posted a 30% gain to a new all-time high of $16.25, and Digibyte (DGB), which was up 19% at the time of writing and trading at $0.0978.

Daily indicators for the crypto-currency market. Source : coin360

The total capitalization of the crypto-currency market, along with BTC, has seen a 16.5% drop from a peak of $2.6 trillion just before launch to a value of $2.17 trillion at the time of writing. The current dominance rate of bitcoin is 53.6%.

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