Behind the Crypto Frenzy That Triggered Bitcoin’s Selloff

In fact, on Wednesday, May 19, Bespoke published a comparison of bitcoin’s drawdowns versus mega cap tech in its Morning Lineup.

This selloff began the week prior, when Tesla Inc CEO Elon Musk — an avid investor in the cryptocurrency — tweeted his company would stop accepting bitcoin as a mode to purchase its vehicles.

The positive price action came after Wedbush initiated coverage on COIN with an “outperform” rating and $275 price target on May 20, calling it a “one-stop shop” for crypto.

As mentioned above, Coinbase Global stock dropped to an all-time low of $208 on Wednesday May 19, in response to bitcoin’s sharp selloff.

It’s too early to gauge where Coinbase will move from here.

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