Cathie Wood’s Ark Is Buying Coinbase, Should You?
- Date: 21-May-2021
- Source: Investing.com
- Sector:Technology
- Country:Middle East
Cathie Wood’s Ark Is Buying Coinbase, Should You?
Investors in cryptocurrencies are in for a wild ride, and so are the stocks associated with this highly volatile asset class.
Coinbase Global (NASDAQ:) closed Wednesday at a record low after a wild trading session that saw the price of swing by about $10,000. The largest US cryptocurrency exchange fell as much as 13% before paring the loss to close down 5.9% at $224.80 amid a broader rout in cryptocurrencies. Yesterday, Coinbase gained about 3.8% to close at $233.39.
Since its initial public offering last month, Coinbase has lost more than a third of its value. The decline of this magnitude is prompting some proponents of this asset class to jump in and buy this beaten-down stock.