Coinbase Global, Inc. (COIN) experienced a significant decline due to a combination of technical issues and strategic decisions that have unsettled investors. The platform's reported delays in processing transactions for the cryptocurrency NEAR have raised concerns about its reliability, while the decision to delist Wrapped Bitcoin (WBTC) amid controversy surrounding Tron founder Justin Sun has added to the negative sentiment. Additionally, Cathie Wood's Ark Invest's decision to sell a portion of its Coinbase holdings has likely exacerbated the downward pressure. The broader crypto market's volatility, particularly Bitcoin's 2% decline, has further contributed to the negative outlook for Coinbase.
The GraniteShares 2x Long Coinbase Daily ETF (CONL) saw a sharp decline, dropping 20.37% to $45.55 as of 16:40 on Wednesday, December 18.