[Digital Today Reporter Choo Hyun-woo] Coinbase, an American virtual asset (cryptocurrency) exchange, was listed on the NASDAQ market on the 14th (local time).
According to major foreign media such as the economic media CNBC, Coinbase’s stock price started trading at $381, far exceeding the reference price of $250 per share on the day, and rose to a maximum of $429.54 during the week. The market capitalization rose to 100 billion dollars (about 112 trillion won) at once.
However, near the close of the market, it fell rapidly and closed at $328.28, lower than the initial price. With a market capitalization of 85.8 billion dollars (about 95 trillion won), it is equivalent to the market cap of the British global bank HSBC (approximately 87.5 billion dollars).
Mainstream finance companies and financial authorities have also voiced concerns over the value of Coinbase’s corporate value. It is criticized that the value of a virtual asset company with no security guarantee is too overvalued.
US Fed Chairman Powell also attended the financial forum on the same day, saying, “Virtual asset is a kind of speculation. It has not reached the status of a currency that can be settled.” It is interpreted as a statement conscious of the listing of Coinbase.
This year, the voices of strengthening regulations regarding the overheating of virtual asset investment are also rising. Coinbase chief executive Brian Armstrong (CEO) said ahead of the listing that “the growth of the digital asset market has not yet reached its peak. The biggest obstacle to the market is regulation by the authorities.”
After the listing of Coinbase, the virtual asset market has been flat. Based on Coin360 at 8:30 am on the 15th, Bitcoin (BTC) is trading at $63,013, down 0.84% from the day before, and Ethereum (ETH) is trading at $2441, up 6%.
Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.