The GraniteShares 2x Long Coinbase Daily ETF (CONL) closed down 3.28% at $38.01 on January 8, as Coinbase Global Inc. (COIN) shares fell 1.71% to $259.80 amid broader market declines and ongoing legal uncertainties. The downturn in Coinbase's stock was exacerbated by a significant sell-off from Ark Invest, which offloaded 3,769 shares worth $1.08 million, reflecting investor concerns over the company's ongoing legal battle with the SEC. This legal case, which alleges unlawful trading of digital assets, continues to weigh heavily on investor sentiment. Additionally, the broader market was impacted by strong U.S. economic data, including the Job Openings and Labor Turnover Survey (JOLTS) reporting 8.1 million job openings, which dampened hopes for Federal Reserve interest rate cuts. This economic strength has bolstered the U.S. dollar, putting further pressure on cryptocurrency prices, including Bitcoin, which is closely tied to Coinbase's performance.