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Coinbase Investors Lost More Than $100 Million After Another "China Bitcoin Ban"

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Fri, 09/24/2021 - 14:27
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Arman Shirinyan
Coinbase bonds are dropping following Chinese Bitcoin ban
Coinbase Investors Lost More Than $100 Million After Another "China Bitcoin Ban"
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Coinbase Global Inc. bonds have fallen significantly after the upcoming news delivered from China's Bank of Crypto. Previously, the Chinese government blocked all crypto transactions, but it has adopted a new policy designed for stopping illegal crypto mining and transactions.

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Stated investors' losses at press time stand at $100 million. The $1 billion, 10-year, 3.6% bond loss overnight is staying at 1.5 points. The mentioned bonds have dropped to $0.945. Seven-year $1 billion 3.375% notes have lost one basis point, according to Trace bond pricing data.

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Coinbase's bonds already went through a significant drop in pricing on Sept. 14, following fears caused by Evergrande's potential default, which could affect global markets and even cause a new financial crisis. This came after the news of a potential lawsuit from the U.S. Securities and Exchange Commission and the failure of the launch of a new crypto lending platform.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.