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    Suspected herdsmen ambush Benue policemen, kill DPO

    Suspected herdsmen ambush Benue policemen, kill DPO

    Nigerians will soon know the “actual truth” about Atiku – Gov Wike

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    Tinubu speaks like someone with “incoherent discourse and absence of mind” – PDP

    PDP condemns Tinubu’s ‘sponsored’ attack on Buhari in Kano

    Security features of the new naira notes revealed by the CBN

    DSS intercepts syndicates selling new naira notes, bank officials implicated

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    FG explains why Nigeria’s total debt will rise to N77 trillion by the end of May 2023

    U.S unemployment fell to a five-decade low

    U.S unemployment fell to a five-decade low

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    Nigeria’s total debt rise above N44 trillion – DMO

    FG approves 39 licences for fish importation

    Q3 2022: Nigeria’s total trade stood at N11.6 trn, total export falls nearly 20% QoQ

    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    JUST IN: CBN limits weekly cash withdrawal to N100k

    Law to legalize crypto as a payment method passed in Brazil

    Law to legalize crypto as a payment method passed in Brazil

    Will Nigerians in diaspora be committing an offence if they make a campaign donation?

    Rivers and Oyo State to join others in establishing small claims courts

    Non-oil sector contributes 93.67% to Nigeria’s GDP in Q2 2022

    Nigeria’s GDP growth slows to 2.25% in Q3 2022, oil sector contribution declines further

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

    • Policies
    • Budgets
    • Economic Data
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    Equity Market turns bearish… As Value Traded Spikes by 409.01%

    The Local bourse Closed The Week Bearish… As the NGX-ASI fell by 0.18%.

    Local Bourse closed in Bullish Territory… As NGX-ASI at 0.31%

    NGX-ASI Turns Bullish…As Oil & Gas sector closed at a Gain of 1.58%

    The Okomu Oil Palm Plc announces N7.00 interim dividend for H1 2022

    Local Bourse Records 2nd Day Loss…… As NGX-ASI Decreases by 0.02%

    FGN Savings Bond rate rises above 12% in September 2022

    DMO offers N360 bn FGN Bonds for subscription in January

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    2023 Bible Lessons on Setting your Financial/Investment Goals

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    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    37 years between the Buhari regimes… Economic lamentations remain the same

    37 years between the Buhari regimes… Economic lamentations remain the same

    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

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Coinbase retreats after surging over 70% on NASDAQ debut

Wednesday, 14 April 2021, 8:24 pm
in Markets, Stocks/Equities
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Coinbase retreats after surging over 70% on NASDAQ debut
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Shares of Coinbase (NASDAQ – COIN) climbed over 70% on Wednesday in its direct listing debut on NASDAQ.

The shares of Coinbase had a reference price of $250 per share however it opened at $381 per share and surged to as high as $429.54 per share, a 71. 82% rise from the reference price.

At the time of this report Coinbase has retreated from the high gains and trading below the opening price at $337.93 (35.17% up).

Coinbase valuation was put at about $50 billion Tuesday evening as the stock was given a reference price of $250 per share,

However, the opening price of $381 per share put Coinbase’s valuation at $99.5 billion, giving it a bigger market capitalization than such established US companies as General Motors, FedEx.

The prices of cryptocurrencies surged Wednesday morning as investors await the much anticipated listing of Coinbase on NASDAQ Stock Exchange.

Bitcoin reached a new high on Wednesday morning to trade at $64,748.8 surpassing the record it created on Tuesday.

However most of the cryptos have retreated the morning gains with Bitcoin trading at $62,143.71.

Coinbase is the first major cryptocurrency exchange to go public, and investors see its direct listing as a major milestone for bringing cryptocurrencies in the mainstream.

Read: 8 expert predictions ahead of Coinbase’s anticipated IPO this week

DA Davidson analyst Gil Luria increased his price target for Coinbase by 125% to $440 from $195 following the mind-blowing earnings announced by Coinbase for the first quarter of 2021.

The crypto trading giant reported $1.8 billion revenue in Q1 2021, smashing through the $1.3 billion revenue it posted in all of 2020.

Although other analysts caution that Coinbase has hefty competition such as Gemini, Kraken, and Binance.

“listing of Coinbase in the US is a big deal for many investors because it somehow sends a signal that the US lawmakers aren’t going to ban Bitcoin , and the crypto King is here to stay now said name Aslam chief market analysts at AvaTrade, in a note to clients . Yet some have cautioned that Coinbase valuation may be far too lofty .”

“We look at the Coinbase listing as an additional validation of the space, and a major PR opportunity for the entire industry to shine as the future of finance,” said Alex Mashinsky, CEO and co-founder of Celsius, a cryptocurrency yield-earning platform.

He added: “Coinbase has more users and more revenues than many of the largest Wall Street players and is more profitable than any major exchange, this validation puts most skeptics at a crossroads having to re-evaluate their denial and frustration with the disruption coming at them from all sides.”

“Trading volume, and therefore transaction revenue currently fluctuate, potentially materially, with Bitcoin price and crypto asset volatility. This revenue unpredictability, in turn, impacts our profitability on a quarter-to-quarter basis,” Coinbase acknowledged in its prospectus.

Ifunanya Ikueze
Ifunanya Ikueze

Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.

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