Coinbase Stock Down 32% As Crypto’s Value Plunges $220 Billion
The Coinbase logo displayed on a phone screen and the representation of Bitcoin are displayed here ... Illustration photo taken in Krakow, Poland on April 15, 2021 (Photo by Jakub Porzycki / NurPhoto via Getty Images) NurPhoto via Getty Images Cryptocurrencies offer mixed incentives for established companies in the financial services industry. The incumbents value the fees they charge players for trading crypto and the interest they charge for leveraging their risky stakes. At the same time, regulators require banks to know their customers (KYC) so that they don't launder criminals' money. Unfortunately, the most basic principle of cryptocurrencies is embedded in their name - the people who own it do so anonymously. Crypto is rising fast when people can borrow money to control more than their money can buy when the market price rises. Rising prices are fueling the urge to borrow money to control more crypto. When prices fall, the crypto exchanges require account holde...