According to Coinbase, The Wall Street Journal is incorrect

The stock of Coinbase Global, Inc. (COIN) plummeted on Thursday. As of 2:45 p.m. ET, the stock had fallen by more than 7%. To be fair, the market is typically down today, and a 7% decrease is not unusual.
CENTRAL, Hong Kong - Jan. 25, 2023 - PRLog -- However, the market may be reacting unfavourably to worrying news today, which COIN has already disputed.

COIN once made a $100 million speculative bitcoin deal, according to The Wall Street Journal this morning. The business wanted to create money by actively trading Cryptocurrency rather than merely from when its consumers traded. According to the paper, this was "proprietary trading."

This statement is extremely problematic for two reasons. To begin, COIN informed the U.S. Congress in December that it did not engage in proprietary trading. Secondly, there is a possible conflict of interest as a Bitcoin exchange. If it was buying and selling for its own advantage, it might potentially outrun its consumers, thus creating a very negative image for the company itself which may have led to the shift of the company stocks.

As a result, COIN released a blog post this morning disputing The Wall Street Journal. Having said that, it does admit to purchasing Bitcoins. According to the corporation, these are not meant to produce short-term profits. These purchases are for various reasons, such as "company treasury and operational purposes."

The discussion over COIN's trading behaviour has reignited investor's concerns about U.S. regulation. However, there was some good news for COIN today in terms of regulation. The services of the firm were recently approved in the Netherlands.

The Netherlands is unlikely to be a substantial market for COIN on its own. It is, however, positive for shareholders who are seeking for development through a variety of channels, including continuous worldwide expansion.

For more latest news in US Stock Market, you may also visit us at Millennium Capital Management (Hong Kong) Limited through our website or contact us via email.

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