Why Coinbase Stock Plunged 7.3% Today

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. 

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Source Fool.com