Stock Track | Coinbase Plummets 5% on Monday as Crypto Shares Slide on Fed's Hawkish Outlook

Stock Track12-23 23:28

Coinbase Global Inc. (COIN) shares plummeted 5% on Monday's intraday trading session, underperforming the broader crypto market. The sell-off came as crypto shares across the board tumbled, with Bitcoin marking its first weekly decline since Donald Trump's election victory.

The cryptocurrency market was dealt a blow by the Federal Reserve's cautious policy outlook. Despite President-elect Trump's embrace of the crypto sector and plans for a national Bitcoin stockpile, the Fed's decision to signal a slower pace of monetary easing next year to keep inflation in check dampened speculative spirits.

According to analysts, a record outflow from US exchange-traded funds investing directly in Bitcoin last week will also weigh on prices in the near term. Other crypto-related stocks that saw sharp declines on Monday include Canaan Inc. (CAN), which fell 8%, MicroStrategy (MSTR), down 5%, Riot Platforms (RIOT), CleanSpark Inc. (CLSK), and Bit Digital (BTBT), all falling around 4%.

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