Coinbase Global (COIN) fell 10.48% to $150.95 during February 5 trading. Bitcoin dropped 9.94% to fall below the $70,000 threshold. Ethereum declined 9.92% as cryptocurrency markets faced a sharp sell-off. The downturn triggered approximately $775 million in leveraged position liquidations. Market drivers include forced deleveraging, institutional selling, and stagnant stablecoin liquidity.
Broader market volatility intensified as jobless claims reached 231,000 on February 5. This figure exceeded expectations and heightened recession concerns. The S&P 500 declined 0.96% while the Nasdaq fell 1.14%. Investors rotated toward safe-haven assets away from riskier equities. Alphabet’s $175-$185 billion AI capital expenditure forecast pressured tech stocks. Coinbase’s high beta of 3.7 amplified these broader market losses.
Coinbase will report quarterly earnings on February 12. Analysts project Q4 earnings per share of $1.15, representing a 66% year-over-year decline. Quarterly revenue is expected to reach $1.85 billion, down 18.76% from the previous year. Full-year estimates indicate potential stabilization for the company. The analyst consensus remains bullish with a mean price target of $345.49. This target implies a 129% upside from the current trading price.