Coinbase Falls With Bitcoin Ahead Of Thursday Night’s Quarterly Report

The price of the American cryptocurrency trading platform Coinbase, which was unveiled on Wall Street a month ago, does not kick off this Thursday … The title loses more than 8% in a session around $ 258. Introduced on Wall Street on April 14 through a direct listing at a reference price of $ 250, the name briefly jumped to over $ 429 during the session before reappearing.

Coinbase’s first listing coincided with an all-time high for Bitcoin exceeding $ 64,000. Since then, the price of the most important cryptocurrency has undergone a correction that suddenly accelerated on Thursday following a sharp change in Elon Musk’s bitcoin rate. The main cryptocurrency in the world is now being accused by the boss of Tesla and SpaceX for “polluting” the production process too much. BTC lost more than 10% in 24 hours on Thursday, returning to the $ 48,400 mark, bringing it down nearly 25% from its recent record. Ether also fell more than 9.5% on Thursday night, returning to around $ 3,630 after a recent jump of around $ 4,300.

High volatility in the cryptocurrency market makes it difficult to predict the financial results of Coinbase, expected this Thursday night after the close. These are the first reports published by the company since its listing on the stock market. In April, management said it expects a sharp increase in first-quarter net income, which is expected to be higher than full-year earnings for 2020, thanks to investor appetite for the first two “cryptocurrencies”, bitcoin and ether.

Analysts polled by MarketWatch expect earnings per share of $ 3.07 on sales of $ 1.814 billion in the first quarter.

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