Why Coinbase Global Stock Couldn't Maintain Its Pop Today
Coinbase Global's (NASDAQ: COIN) Monday got off to a roaring start before investors began selling off the shares again. Early on, the cryptocurrency exchange operator benefited from the rise of Bitcoin (CRYPTO: BTC) above a psychologically important price level; for the most part, though, such assets are still shivering as they come to grips with being stuck in the crypto winter.
On the first day of the trading week, Bitcoin inched up past the $20,000 mark; in late afternoon trading, it had crawled nearly 1% higher over the preceding 24 hours.
Levels like $20,000 aren't necessarily significant in and of themselves, but because they are very round numbers that many investors find comforting. Over the weekend, investors had pushed Bitcoin's price down to nearly $19,500.
Source Fool.com
