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

As per the data, U.S. biggest crypto exchange Coinbase (COIN) stock price declined by 16% before the market opens up for trading.
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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

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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.

Source: Google Finance

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…

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Ashish Kumar

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at ashish@coingape.com

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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