Woke up this morning to see that nearly every crypto coin is down around 30-45%. What are you doing to cope with this? I'm just sitting and watching out things unfold. I can't access my Gemini account to make any trades though; wonder if some of the downward pressure is a result of panic selling like a run on the banks. Coinbase Pro seems operational based on their status page.
As a follow-up to my previous post, here are the results:
Closing day (4/14) reference price: $328.28 -- since it's a direct listing there's no "IPO price"
One week later (4/21): $311.92 (down 5%)
One month later (5/14): $258.37(down 21%)
Boy, was I so wrong!
And closes at $328 so a 31% pop on day 1.
Brian has written some pretty good blog posts that are worth your time.
And for posterity, here is Brian's plea to HN seeking a co-founder.
Just a reminder that this company generated EBITDA of $1.1 billion last quarter.
Anyone want to guess what they close at the end of the day, week, month? I'm not sure what the stock price will be so let's guess in percentage terms. Here's my guess for day/week/month closes vs offer price: +20%, +30%, +45%.
I opened an account with Coinbase in 2014 as part of a promotion to offer $5 in bitcoin to new users. I cashed it out as soon as the bitcoin hit my account. Had I held onto it, the bitcoin would be worth over $1,000 today.
Because I used an old email address, which I don't have access to any longer, I can't log into my account. I emailed Coinbase and got a "We received your email but are currently busy with an influx of new support requests. We will get back to you in the next few days." That was a few months ago and I haven't received a response yet.
For that reason, I decided to create an account with Gemini. With 2FA and lots of security, I feel safer using Gemini than Coinbase. How has your experience with Coinbase been?
The entire crypto market has held steadily at $2 trillion in market cap.
Some people are saying that the biggest risk is that the U.S. bans crypto but I think that is highly unlikely. So many institutional investors are invested that the government will feel the pressure to not ban it.
In Coinbase's earnings announcement, they report $122 billion of institutional assets. Incredible.
First Quarter 2021 Estimated Results*
For the first quarter of 2021, the Company currently expects the following as of or for the three months ended March 31, 2021: