Coinbase Slips With Bitcoin as Stock Seeks to Find a Level

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Follow us @crypto for our full coverage.Coinbase Global Inc. eased in premarket trading as the stock seeks to establish a level after the volatility that followed Wednesday’s direct listing.The stock traded at $321 as of 5:23 a.m. in New York, down less than 1% from Thursday’s closing price of $322.75. Bitcoin also declined.Some in the market are struggling to place a value on the biggest U.S. cryptocurrency exchange, which has been unable to sustain its initial strength after rising as high as $429.54 on its first day of trading. Some bullish sentiment is starting to build though, with those analysts that have initiated coverage mostly taking a positive view. And Cathie Wood’s funds have snapped up about $352 million worth of shares over two days.Coinbase’s Retail Buyers Stung After Plowing in at Debut“Coinbase’s market valuation may seem excessive to some given the prospects of increased competition in digital wallets business,…

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