The stock market continued to remain choppy, with Tuesday bringing an initial gain followed by a pullback. By the end of the day, worries about inflation and other potential market disruptions seemed to outweigh optimism about a strong economy. As a result, the Dow Jones Industrial Average (DJINDICES:^DJI), S&P 500 (SNPINDEX:^GSPC), and Nasdaq Composite (NASDAQINDEX:^IXIC) all lost very modest amounts on Tuesday.
In the cryptocurrency industry, stocks were generally mixed, reflecting the lackluster performance of major tokens after a huge sell-off over the weekend that lopped off as much as 50% or more from the price of some types of cryptocurrency. However, the newest participant in the publicly traded crypto stock space, Coinbase Global (NASDAQ:COIN), was up sharply. Below, we’ll look at the reasons and what it means for Coinbase’s long-term prospects.
An about-face for Coinbase?
Coinbase has had a tough time since coming public. After doing a direct listing with a reference price of $250 per share, Coinbase initially traded as high as $430 per share on its first day of trading before falling nearly 25% from those high levels by the end of the trading session on April 14.