Coinbase Global (NASDAQ:COIN) – Why Bitcoin and Ethereum Stocks Are Plunging


Cryptocurrency-related actions, including Coinbase Global Inc. PIECE OF MONEY, Marathon Digital Holdings Inc. MARA and Blockchain Riot Inc RIOT are trading lower on Tuesday amid a sharp drop in crypto prices, led by Bitcoin BTC/USD and Ethereum ETH/USD.

Several crypto assets are trading sharply lower amid overall market weakness after the CPI inflation reading topped economists’ average estimates. Tuesday’s inflation data could serve as confirmation of recent indicators for the Fed and signal that another 0.75% rate hike is likely this month.

Related Link: August Inflation Number Higher Than Expected, Triggering Bearish Market Reaction: What Investors Need to Know

Coinbase is the leading cryptocurrency exchange in the United States. Coinbase shares were down 8.66% at $75.40 at last check.

Marathon Digital focuses on mining digital assets. The company owns cryptocurrency mining machines and a data center to mine digital assets. The stock was down 10.5% at $12.92 at press time.

Riot Blockchain is focused on building, supporting, and operating blockchain technologies. The stock was down 9.09% at $7.70 on Tuesday morning.

Price action $BTC, $ETH: At press time, Bitcoin is down 5.07% to $21,443 in the past hour, while Ethereum is down 6.67% to $1,624.

Photo: Petre Barlea from Pixabay.

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