Cathie Wood isn’t shying away from Coinbase (NASDAQ:COIN) stock despite all the recent turmoil surrounding the crypto market.
Coinbase stock experienced its worse day in the history of the company yesterday when shares fell to an all-time low near $40. This shook many investors in the company, but not Cathie Wood.
Instead of selling her stake in COIN stock, Wood is doubling down with further investment in the crypto exchange. The Ark Invest CEO has already purchased more than 1.3 million shares of COIN since the beginning of November.
Why Is COIN Stock Down?
The crypto market is going through a tough time due to the recent FTX controversy, which resulted in FTX founder Sam Bankman-Fried leaving the company as it filed for bankruptcy.
FTX was no small player in the space and its actions have resulted in the crypto market becoming even more volatile. This has many traders selling their stakes in crypto-related stocks. We’re seeing negative movement from various digital assets, too.
In the case of COIN stock, shares have fallen 82% since the start of the year. However, it’s worth noting that COIN stock is up 4.5% as of Tuesday afternoon.
Investors looking for all of the most recent crypto and market news will want to keep reading!
We’ve got all of that news ready to go for investors on Tuesday! Among that is what has shares of High Tide (NASDAQ:HITI), Tesla (NASDAQ:TSLA) and Chinese electric vehicle (EV) stocks on the move today. You can catch up on all of that news at the following links!
More Tuesday Stock Market News
- Why Is High Tide (HITI) Stock Up Today?
- Is a Tesla (TSLA) Stock Buyback Coming?
- Why Are Chinese EV Stocks NIO, LI, XPEV Down Today?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
