A volatility-filled listing for Coinbase’s COIN stock coincided with a 5% drop in the price of Bitcoin.Following months of build-up and speculation, Coinbase (COIN) listed on the Nasdaq and in true cryptocurrency fashion, opening day trading was a volatile affair that may have had a widespread effect on the cryptocurrency market.
Data from Cointelegraph Markets and TradingView shows that the downturn in COIN was followed by an immediate sell-off in the price of Bitcoin (BTC), which established a new all-time high at $64,890 in the early hours of April 14. Interestingly, shortly after COIN listed, Bitcoin price corrected 5% to hit a daily low at $61,658 and this triggered a sharper sell-off in altcoins.
The overall cryptocurrency market capitalization experienced a 16.5% decline alongside the drop in BTC, falling from a high of $2.6 trillion just before the launch to a value of $2.17 trillion at the time of writing. Bitcoin dominance rate now stands at 53.6%