COIN is trading at $197.21 (-4.13%) as a sharp selloff in the cryptocurrency market and broader macroeconomic concerns weigh on the stock.
- Bitcoin dropped 3.94% to $68,508 and Ethereum fell 4.88% to $1,991, removing a key tailwind for the exchange stock.
- Broader markets are struggling with the S&P 500 down 1.57% and Nasdaq down 1.34% following disappointing jobs data and rising Middle East tensions.
- JPMorgan recently lowered its price target for the company, citing persistent weakness across the crypto sector.