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Early pricing activity from Coinbase’s Nasdaq listing shows a volatile response from traders.
Trading on Coinbase’s COIN stock on the Nasdaq has already started after weeks of suspense following the launch of the US exchange giant’s direct listing.
COIN started trading considerably higher than Nasdaq’s $250 reference stock price before the market opened, rapidly growing to about $430. However, the stock dropped sharply in the first few minutes of trading and is now $381 at the time of publishing.
Even so, COIN is up about 55%, putting the U.S. crypto exchange giant’s valuation at just under $100 billion.
Enthusiasm for COIN exposure is also evident among crypto traders judging from the preliminary volume figures from Binance and FTX.
Both crypto exchanges provide users with access to Coinbase storage, which is exchanged against stablecoins. Coinbase’s pre-IPO tokenized stock price on FTX has dropped from $643 to $410 at the time of publishing.
As previously noted by Cointelegraph, industry analysts have stated that Coinbase’s Nasdaq listing represents a “watershed” moment for the crypto market as a whole. Indeed, there is speculation that COIN may compete with Bitcoin (BTC) in terms of popularity both within and outside of the cryptocurrency room.
Meanwhile, the latest bullish trend in the cryptocurrency sector has persisted for another day, with overall market capitalisation increasing by 4% in the last 24 hours.