2 Reasons Coinbase Stock Is Sinking (Again) Today

Today's been an interesting day for cryptocurrency exchange Coinbase (NASDAQ: COIN). Despite a rally in the crypto market, which has seen digital tokens appreciate 1.3% over the past 24 hours as of 12 p.m. ET, Coinbase stock has continued lower once again today, sinking 2.3% over yesterday's close.

This move appears to be the result of two key catalysts that have played out in recent days. 

The first is reports that India's payment body has stated it's not aware of any crypto exchange using the country's UPI payments instrument. UPI, which stands for Unified Payments Interface, is an integral piece of financial plumbing used by fintech organizations. This news came after Coinbase announced it would be hiring 10,000 people to build an Indian crypto hub.

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Source Fool.com