Coinbase Global (COIN) Stock Drops Due To The Announcement Of The Chinese Central Bank

Heading into today, Coinbase Global drops stocks by 5.50% and is worth $229. After the peak in April 2021, when the revenue was worth $342, stocks are rapidly declining. Now the dip for the past six months is equal to 29.96%. Recently, the Chinese Central bank announced that they will decrease the usage of cryptocurrency.

In response to the Central Bank, all major banks of China said that they will support the government in cracking out the cryptocurrency in the country. Therefore, now Coinbase Global (COIN) is going through a difficult patch. China has made several shifts over the past few declining years to rule in blockchain, but today’s statement comes out to be an even superior move made to secure that the non-regulated cryptocurrencies don’t grow into a normal part of China’s economy. 


Coinbase Global is a US-based global company that provides a cryptocurrency exchange network worldwide. Canvas handles remote-first and the absence of a representative physical headquarters. As the fame of cryptocurrencies — particularly Bitcoin and Ethereum — rise, Coinbase Global (COIN) is at the prominence of the cryptocurrency field.

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