Punters have attributed these movements to America’s biggest crypto exchange, Coinbase, being listed on the Nasdaq index.
Pankaj Balani, CEO of Delta Exchange, said: “Coinbase opened just under the $100billion valuation mark but it failed to sustain the initial gains and closed about 15 percent lower from the open price.
“There have been some concerns around the valuation of the company, given the volatility in its earnings, but that does not take away from the fact that it has the largest market share amongst regulated centralized exchanges, in the US, and its business is close to a monopoly, at this point.
“The next few sessions of trading will decide how new investors are looking at the stock and the sector.
“Crypto investors are also keenly tracking COIN price as it becomes a proxy for traditional investors’ interest in the crypto space.”