Coinbase Stock Price Crashes 16% Pre Market Over SEC’s New Charges

Coinbase Stoke Price Crash: U.S. Securities and Exchange Commission (SEC) on Tuesday announced that it has charged the nation’s biggest cryptocurrency exchange Coinbase (NASDAQ: COIN). The commission alleged that the crypto exchange was operating as an unregistered national securities exchange, broker, and clearing agency. Reacting to the lawsuit, Coinbase stock price witnessed a massive sell off in the pre market session, dropping by almost 16%.

Also Read: “It’s An Attack On The Entire Industry”: Binance CEO On US SEC Allegations

Coinbase Stock Price Heads To Another Crash

As per the data, Coinbase stock price declined by 16% before the market opens up for trading. COIN price closed the last session trading at $58.71. However, with the ongoing pre market sentiments, it is expected that to see Coinbase stock price to drop around $48.53.

It is important to note that, COIN price took a hit of around 10% on Monday. This comes after the US SEC pressed charges against the world’s largest crypto exchange Binance and its CEO Changpeng Zhao (CZ). The commission also alleged that 13 crypto assets like Solana (SOL), Cardano (ADA) and Filecoin tokens are considered “crypto asset securities”.

US SEC mentioned that Coinbase failed to register the offer and sale of its crypto asset staking service program. However, an action against Coinbase was expected as the commission earlier served it with a Wells notice.

The global crypto market cap is down by more than 4.4% over the past 24 hours to stand at around $1.08 trillion. It’s 24 hour trading volume is up by 64%to stand at $47.5 billion. Bitcoin, the world’s largest crypto price is hovering around $25K price level after dropping 5% in the last 24 hours. Read More Crypto News Here…