Shares of Coinbase (NASDAQ:COIN) dropped 5.8% due to a broader sell-off in the cryptocurrency market, triggered by Bitcoin’s 5% decline to below $86,000. This negative sentiment was linked to uncertainty over future Federal Reserve interest rate decisions, leading to liquidations worth hundreds of millions of dollars across the market. As a major cryptocurrency trading platform, Coinbase’s stock price moved in sync with the market, making it one of the notable decliners for the session.

The market showed a sharp reversal after a strong jobs report reduced the odds of a December interest rate cut, overshadowing positive corporate performance. This led to a sell-off in high-flying tech stocks in favor of defensive staples like Walmart.

Investors are now considering opportunities to buy high-quality stocks like Coinbase after significant price drops.

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