Coinbase (COIN) closed at $52.93 on Tuesday – 21% down from the day’s starting price of $61.74. It is now down 75% on the year, and 84% down from its all-time high.
- The decline is likely related to the Securities and Exchange Commission (SEC)’s newly revealed probe against the popular exchange.
- The regulator believes that some of the cryptocurrencies listed at Coinbase are unregistered securities. Out of 150 coins and tokens available on the platform, it claims that ENS, GALA, POWR, and ALCX are securities.
- Coinbase is also reeling from the latest indictment of a former product manager on charges of insider trading.
- Coinbase was forced to lay off 18% of staff in June in response to macroeconomic conditions.