Coinbase opened just under the 100BN valuation mark but failed to sustain the initial gains. COIN closed about 15% lower from the open price implying a MCAP of ~85BN. There have been some concerns around the valuation of the company,  given the volatility in its earnings. However, it does not take away from the fact that Coinbase has the largest market share amongst regulated centralized exchanges, in the US, and its business is akin 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. We saw Bitcoin correct in the wake of COIN’s tepid listing but it held its monthly gains and the crucial 61000 level. The sentiment continues to remain strong with options market currently pricing a 40% chance of BTC hitting 70,000 by the end of May.
On the Altcoins front, we continue to see strong momentum. ETH hit a fresh all time high and the DeFi basket is starting to see some activity again. Decentralized exchange coins will be in focus over the next few days, given that the market has validated Coinbase at a $100BN valuation.

What does Coinbase listing and price movement tell us for Crypto markets. How Bitcoin and other cryptos are reacting to Coinbase listing.

Coinbase listing and what's next for BTC, ETH and ALTS