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Coinbase Is Crashing… And Dragging The Market With it

From its #381 open to its highs at almost $430, COIN is now back at $311… on its way to the $250 Reference Price.

and dragging the market with it.

After setting its reference price at $250 overnight, which – given the 261.3 fully diluted shares outstanding, implied a market capitalization of $65 billion – Coinbase (ticker symbol COIN) just opened (via Direct Listing) at $381… implying a $100 billion valuation.

It was then panic-bid above $400.

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