Coinbase shares traded lower on Monday amid a sharp cryptocurrency market downturn.
Bitcoin’s price fell below $77,000. The digital asset is currently on a four-day losing streak.
Exchanges reported over $650 million in liquidations. These losses occurred within a 24-hour period. Bullish long positions accounted for the vast majority of the wiped-out assets.
The Crypto Fear and Greed Index shifted into fear territory. Market sentiment directly impacts Coinbase due to its high correlation with digital asset trading volumes.