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.
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.
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.