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Coinbase, Robinhood Trade at All-Time Lows Before Rebounding Monday
Crypto-exposed stocks have been hurt badly by the sharp slump in cryptocurrency prices.
Updated May 11, 2023, 5:55 p.m. Published Jan 24, 2022, 10:13 p.m.
Crypto exchange Coinbase (COIN) and retail trading platform Robinhood Markets (HOOD) both traded at all-time lows on Monday before bouncing back with the overall equity and crypto markets.
Coinbase shares hit a low of about $162.54 on Monday morning, down more than 60% from their 52-week high of $429.54 and down 35% from their opening reference price of $250 when the company went public last April. Coinbase rebounded to finish the day at $191.48, giving the company a market cap of about $50 billion.
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Meanwhile, Robinhood, whose crypto trading revenue has increased significantly in the last year, hit a low of $11.15 per share in the morning, down 87% from its 52-week high of $85. Shares rebounded to finish the day at $13.21, giving the company a market cap of just under $12 billion. Robinhood debuted as a public company last July.
The two companies have fallen sharply of late amid the overall tech and crypto sell-off. Coinbase stock is down 24% this year alone, while Robinhood has fallen 29% during the same period. The price of bitcoin is down roughly 25% for the year to date, and off 50% from its all-time high reached in November.
Multiple crypto-exposed stocks, including bitcoin miners, also fell and then bounced from their session lows Monday as crypto prices advanced in the afternoon.
Bitcoin rallied just under 5% Monday afternoon to just under $37,000, while ether gained 1.4% to $2,445.
“Bitcoin believers are trying to hold the line,” according to Edward Moya, senior market analyst at Oanda. “This is a key moment for bitcoin. If panic selling returns on Wall Street, the $30,000 level might not prove very supportive,” he added in a note to clients Monday.
Read more: Crypto Sell-Off Wipes $700B From Industry Market Cap So Far in 2022
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