© Provided by Benzinga Coinbase Global Inc (NASDAQ: COIN) shares are trading lower by 1.70% to $48.00 Thursday morning. The stock is falling amid ongoing, marked volatility in the broader crypto sector after peer cryptocurrency exchange FTX filed for Chapter 11 bankruptcy proceedings.
What's Going On With Crypto?
Our Benzinga team on Wednesday reported further on the collapse of once-billionaire whiz kid Sam Bankman-Fried's FTX crypto exchange platform.
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Must Read: New FTX Chief Appalled By Mismanagement At Crypto Exchange Under Sam Bankman-Fried
Many are still wondering: Is Coinbase safe in the wake of the FTX collapse?
"[Coinbase] is not in trouble," Armstrong told investors and listeners via Twitter spaces Wednesday. "We're very well capitalized — we've got $5 billion of cash on the balance sheet, [and] we're holding those assets in dollars so we're not having exposure to the broader crypto volatility."...Read More
According to data from Benzinga Pro, COIN has a 52-week high of $384.49 and a 52-week low of $40.83.
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