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Why Coinbase Stock Plunged 7.3% Today

TheMotleyFool

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Shares of cryptocurrency marketplace Coinbase Global (NASDAQ: COIN) fell as much as 7.3% in trading on Tuesday as the crypto market overall sold off. Shares were down 6.2% as of 3:05 p.m. ET.

Major cryptocurrencies are down big today with Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) falling nearly 10%, while Solana (CRYPTO: SOL) was down over 10% for a period of time. Declining cryptocurrencies are generally seen as bad news for Coinbase, but the company really makes its money off volatility, so today's moves may not be all bad.

Image source: Getty Images.

Source Fool.com

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