Coinbase, a cryptocurrency exchange operator, has seen its stock price slide since opening at $220 on June 21, and closing at $222.47 at 10:50 am on June 23.
Coinbase traded at $222.47 (NASDAQ) on June 23, and was $0.13 lower as of 10:00 IST. It opened at $216.25 and touched a high point of $223.15, as well as a low of $210.77 throughout the day.
Since Monday, the shares have been trading at $220 levels. This is a drop of 49 percent from its April listing high of $430.
Coinbase became the first major cryptocurrency company to be listed on NASDAQ in 2021 on April 14th, 2021. Since then, it has seen a range of lows of $208/share to highs of $430/share.
The poor performance of cryptocurrencies, including Bitcoin could directly be responsible for the price drop. This happened after the Chinese central banks tightened its regulatory noose on digital currencies.