COIN is trading at $163.43 (-3.08%) in pre-market, tracking a sharp decline in the broader cryptocurrency market and increased institutional selling pressure.
- BTC has dropped 4.66% to $69,978 and ETH is off 4.31% to $2,066 since the last close, weighing heavily on crypto-linked equities.
- The move is driven by the Coinbase premium hitting yearly lows rather than company-specific news; the next major catalyst is the earnings report due Feb 12.
- This downward momentum follows a 6.14% drop during the Feb 4 session as the stock continues its recent downtrend.