Why Bitcoin- And Ethereum-Related Stock Coinbase Is Nosediving – Coinbase Global (NASDAQ:COIN)

Coinbase Global Inc COIN shares are trading lower by 9.03% to $38.75 Tuesday afternoon amid volatility in the crypto sector following the recent FTX bankruptcy and yesterday’s arrest of Sam Bankman-Fried.

What’s Happening?

John Ray, the newly appointed CEO of FTX, said his predecessor Sam Bankman-Fried and his senior coterie had “free rein” over the troubled cryptocurrency exchange and its sister trading entity Alameda Research.

There were no distinctions between FTX, Alameda Research, and other firms which filed for bankruptcy protection last month, Ray said during a congressional hearing before the House Financial Services Committee on the fall of FTX and its effects on the cryptocurrency market…Read More

According to data from Benzinga Pro, COIN has a 52-week high of $281.99 and a 52-week low of $38.91.