Coinbase Falls Below $250 Reference Price for First Time Amid Crypto Correction

Coinbase Falls Below $250 Reference Price for First Time Amid Crypto Correction

Coinbase’s stock tumbled below the cryptocurrency exchange’s direct listing reference price of $250 for the first time early Monday New York time after an Elon Musk tweet caused a sell-off in bitcoin and other cryptos.

The stock closed at $258 per share on Friday after flirting with the reference price several times that day. It plunged early Monday to a record low of $238. The drop was triggered by the Tesla CEO’s tweet Sunday that implied he either had sold or might sell the electric vehicle maker’s more than $1 billion in bitcoin.

The Coinbase stock recovered some ground after Musk confirmed Tesla had not (yet) sold its bitcoin holdings. The stock was back up to $246 as of press time. This is the first time COIN has fallen below the price that Goldman Sachs and the Nasdaq decided it should trade at before the exchange’s direct listing. On that day, the stock opened well above the reference price at $381 and rose as high as $429.54 before closing at $328.