Coinbase (NASDAQ:COIN) shares are trading lower amid a steep drop in Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH). Cryptocurrency prices fell after China warned institutions against providing crypto-related services.
The People’s Bank of China issued a statement on Tuesday warning against use of cryptocurrencies as a means of payment. Bitcoin fell below the $40,000 level following the news. Bitcoin has also continued to be under pressure after Tesla recently announced it would no longer accept the cryptocurrency for vehicle purchases, citing environmental concerns.
Coinbase Global Inc is a provider of end-to-end financial infrastructure and technology for the crypto-economy.
At the time of publication, Coinbase shares were trading 8.77% lower at $218. Since its April 14 direct listing, the stock has seen a low of $208 and a high of $429.54.
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