Why Coinbase Stock Ripped, Then Dipped Today

Top cryptocurrency exchange Coinbase (NASDAQ: COIN) is once again following the gyrations of the market. As of 12:30 p.m. ET, Coinbase stock is down 1.6% from yesterday's close, while the overall crypto market has declined 0.7% over the past 24 hours. 

Earlier today, Coinbase rose as much as 3.5% in early trading, after news came yesterday that Coinbase would be acquiring a crypto futures exchange, FairX. This acquisition would allow for crypto derivatives trading on the Coinbase exchange in the U.S.

Coinbase stock rose initially in pre-market trading and continued to trade positively this morning, until risk-off sentiment once again took tech stocks and the crypto market by storm in late-morning trading. 

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Source Fool.com