12/18

Why is CONY Down Today After Coinbase Issues

The Yieldmax Coin Option Income Strategy ETF (CONY) closed down 9.8% at $14.26 on December 18, as Coinbase Global Inc. (COIN) saw its stock plummet by 10.63% to $278.50 amid technical issues and broader market concerns. Coinbase announced that some users were experiencing delays in sending and receiving transactions for the cryptocurrency NEAR, which raised investor concerns about the platform's reliability. Additionally, the crypto market faced a sell-off following the Federal Reserve's decision to cut interest rates by 25 basis points, with projections of fewer rate cuts in 2025 dampening bullish sentiment. Bitcoin, which had recently hit a record high, saw its price dip, contributing to the negative sentiment surrounding digital assets.