The GraniteShares 2x Long Coinbase Daily ETF (CONL) closed down 5.21% at $43.88 on February 3, 2025, as Coinbase shares fell 2.09% to $285.25 amid a broader cryptocurrency market sell-off. The decline in Coinbase's stock is largely attributed to the imposition of new tariffs by President Donald Trump on imports from Canada, Mexico, and China, which has heightened fears of a global trade war. This has led to a significant pullback in risk assets, including cryptocurrencies, with Bitcoin dropping to a three-week low and Ethereum experiencing its largest three-day loss since November 2022. The tariffs, which include a 25% levy on imports from Canada and Mexico and a 10% levy on goods from China, have sparked concerns about economic slowdown and inflation, prompting investors to offload riskier assets. The resulting market turmoil has led to nearly $2 billion in liquidations across the crypto market, further pressuring Coinbase and related stocks.