What's Happening in the Global Market After Coinbase's IPO?

How did the IPO of the cryptocurrency exchange Coinbase affect the global markets? What is happening in the global markets after Coinbase’s IPO? Here are the details ..

Coinbase, the cryptocurrency exchange, whose value exceeded the major exchanges, went public today. What is happening in the global market after Coinbase's IPO? After Coinbase's IPO, falling 14 percent below the opening price, it suppressed the risk appetite in the markets. Despite the strong bank balance sheets in the US, Coinbase Global Inc's falling below the opening price with a drop of 14 percent after the $ 100 billion public offering suppressed the risk appetite, while internal dynamics played a role in Asian markets. The S&P 500, which completed Thursday with a 0.4 percent decrease, experienced a 0.1 percent increase in futures. With the Chinese Central Bank's lowering of liquidity in the market, the daily decline in Shanghai Composite and Hong Kong Hang Seng indices exceeded 1 percent. Japanese Topix and South Korean Kospi made moderate gains. While the Bloomberg Dollar Index gained value by 0.1 percent, developing country currencies lost value against the dollar, led by the Indian rupee, as the number of cases reached record levels in India. The US 10-year yield followed a flat course following the statements of Fed Chairman Jerome Powell.

Coinbase First Increased, Then Declined

While the highly anticipated public offering of the cryptocurrency exchange Coinbase was realized, the stock ended the day with a decline. Coinbase, which allowed cryptocurrencies, especially Bitcoin, to rally before the public offering, this time pioneered the sales. The largest US cryptocurrency exchange started at $ 381 per share in the first trading in the morning, climbing to $ 429 in the first 10 minutes of trading. However, the company shares closed the day at $ 328.28, down 14 percent. BTC, which closed at $ 62,384 with a 1.28 percent decline due to the effect of the sale on Coinbase, experienced a limited rise in the first transactions on Thursday.