Coinbase Stock Drops 21% After SEC Investigation

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COIN is again nearing all-time lows as the bear market worsens. 

Coinbase (COIN) closes at 52,93 dollars on Tuesday - 21% reduction against an intraday starting price of $61,74. The stock is now down 75% year-over-year and down 84% from its all-time high.

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The drop may be related to the newly revealed Securities and Exchange Commission (SEC) investigation against the exchange.

The regulator believes that some of the cryptocurrencies listed at Coinbase are unregistered securities.

Of the 150 coins and tokens available on the platform, the SEC states that ENS, GALA, POWR and ALCX are securities.

Coinbase is also dealing with the latest allegation that a former product manager has interior exchange. 

Coinbase was forced to lay off 18% of employees in June in response to macroeconomic conditions.

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