🔴 COIN is trading 4.3% down today tracking a crypto selloff and Middle East tensions

COIN is trading at $177.37 (-4.25%) in pre-market, tracking a broader decline in major cryptocurrencies and heightened geopolitical risks.

• The drop follows a sharp selloff in the crypto market since the March 2 close, with BTC down 3.29%, ETH falling 4.29%, and SOL declining 3.83%.
• Broader market sentiment is weighed down by Middle East tensions involving Iran and the potential closure of the Strait of Hormuz, sending NASDAQ futures down 2%.
• There is no company-specific news for Coinbase; the price action is driven by high correlation with digital assets and macro-driven risk-off sentiment.