Coinbase Shares Plunge 6.5% After Bitcoin Drops Below $64,000, $466M Liquidated
Coinbase shares closed down 6.48% as Bitcoin dipped below $64,000 for the first time since last October’s highs and over $466 million was liquidated in the past 24 hours. Market jitters were sparked by the announcement of a 15% global tariff and renewed AI disruption concerns.
1. Cryptocurrency Market Sell-Off
Leading digital assets declined sharply over the past 24 hours, with Bitcoin falling 1.97% to $63,933.15 and Ethereum down 2.17% to $1,835.04. Solana dropped 1.79% to $77.29, while XRP and Dogecoin moved sideways, contributing to $466 million in total liquidations, including $233 million in Bitcoin long positions.
2. Coinbase Shares Tumble
Shares of Coinbase Global Inc. closed down 6.48% following the broader crypto sell-off, marking one of the largest daily declines since last October. The drop reflects heightened investor caution as leveraged liquidations spiked and open interest fell across major exchanges.
3. Macro Drivers
Investor sentiment plunged into extreme fear after the announcement of a 15% global tariff and renewed concerns about AI-driven disruption. These macro factors triggered a widespread sell-off across both cryptocurrency and equity markets, intensifying pressure on Coinbase and other crypto-related stocks.