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Coinbase Catastrophe
SEC launches an investigation on the cryptocurrency exchange.
Coinbase has been a leading name in the cryptocurrency space. Offering their services as an exchange to 10's of millions of customers. The company got news late Monday that the SEC has launched an investigation into the selling of unregistered securities to Americans.
This comes only a few months after the SEC launched an investigation into Binance over the potential unregistered ICO of the token BNB.
Coinbase's share price had a brutal day Tuesday while crypto prices took a dive too.
Shares plunged more than 30% over the past week bringing Coinbase closing in on an all time low. It's been a little over one year since their IPO which reached upwards of $400 a share. Investors like Cathie Wood have seen the worst from this stock.
Cathie Wood of $ARKK just sold nearly 1.41 million shares of Coinbase, $COIN, at all-time lows of $53.
The average cost average that $ARKK purchased $COIN at was $254.65.
— unusual_whales (@unusual_whales)
Jul 27, 2022
After a tough year for stock and crypto investors, the SEC decided to pour gasoline on the fire. What does this mean for cryptocurrency adoption in the long term? Could this slow growth even more? Will crypto exchanges be under as much oversight as regular stock exchanges?