Shares of cryptocurrency exchange Coinbase face extreme volatility after “Super Bowl” announcements


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Cryptocurrency exchange Coinbase saw its stock price skyrocket as the markets opened on Monday, after bringing millions of viewers of advertisements for the Superbowl tournament to the platform’s website on Sunday.

Coinbase traded 5% lower on the Nasdaq over the weekend.

After that, the company’s shares returned to rise and then fall, as the stock is currently trading at a price of less than $200 at about $195.

The fluctuation in the share price of Coinbase comes after the successful advertising campaign that the company published in the “Superbowl” tournament, where it competed with other ads for competing crypto companies such as “Crypto.com” and “FTX”.

The Super Bowl is the annual championship game of the National Football League that is played in early February of each year.

This is the crowning match for the regular season, which begins in the late summer of the preceding year.

Coinbase announced that anyone who joins the platform before February 15th will receive $15 worth of bitcoin for free.

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While cryptocurrency exchange FTX has allocated $7.5 million to just 4 lucky winners.

Figures prove that the incentives offered are very effective in recruiting users.

Coinbase got 20 million hits to its registration page within just one minute after the ad aired, causing the company’s website to go down for a brief period.

Read also:

DBS Bank plans to launch cryptocurrency trading services for individuals by the end of 2022

The Central Bank of Bahrain successfully completes the cross-border transfer test using the “JP Morgan” blockchain

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