Coinbase’s stock price fell to a new all-time low of $40.61 on Monday. According to CoinGecko data, Bitcoin and Ethereum, the two largest cryptocurrencies by market cap, also fell, with Bitcoin falling 5.5% to $15,665 and Ethereum falling 8.2% in a day to $1,081. Coinbase has used the demise of FTX to position itself as a more trustworthy and compliant exchange, but the company’s stock has plummeted. Coinbase also issued a statement in which it stated that a bank run on its exchange would be impossible because its customer assets are backed up 1:1. It also stated that it has no exposure to FTX’s token FTT, which is close to zero. The exchange did reveal Alameda Research exposure, with $15 million in deposits on FTX as of November 8.
