Coinbase Global, Inc. (COIN) faced downward pressure as broader market trends and economic data weighed on the cryptocurrency sector. Strong U.S. economic indicators, including the Job Openings and Labor Turnover Survey (JOLTS) and ISM Services PMI, pointed to a robust economy, diminishing expectations for Federal Reserve interest rate cuts. This bolstered the U.S. dollar and led to a decline in Bitcoin prices, which are closely linked to Coinbase's performance. Additionally, insider selling activity, with CEO Brian Armstrong and insider Paul Grewal offloading shares, added to the negative sentiment surrounding the stock.
The GraniteShares 2x Long Coinbase Daily ETF (CONL) experienced a decline, dropping 3.38% to $37.97 by 4:40 PM on Wednesday, January 8.