Coinbase Shares Fall 7.9% as Bitcoin Slides to $66,145 and $250M Crypto Longs Liquidated
Coinbase shares fell 7.9% as bitcoin slid over 2% to $66,145 and Ethereum dipped below $1,900, contributing to month-to-date declines of 16% and 20%, respectively. Over $250 million in crypto long positions were liquidated ahead of Friday’s consumer price index release.
1. Crypto Market Slide Extends Losses
Leading cryptocurrencies declined sharply as bitcoin fell 2.14% to $66,145.05 and Ethereum dipped 1.30% to $1,939.34, extending February losses to 16% for bitcoin and over 20% for Ethereum. Dogecoin bucked the trend with a 0.95% gain, while total crypto market cap slipped 1.33%.
2. Coinbase Shares Tumble 7.9%
Coinbase Global Inc stock plunged 7.90% on the broader crypto sell-off, underperforming peers such as Strategy Inc, which fell 2.44%. The drop reflects investor caution and reduced trading volumes ahead of key consumer price index data due Friday.
3. Analysts Flag Key Bitcoin Thresholds
Chartists highlight bitcoin’s 1130-day simple moving average at $66,500 as a historical cycle bottom and the 200-week exponential moving average at $68,300 as a trigger for bearish acceleration. A weekly close below these levels could presage further downside in cryptocurrency prices.