Why Shares of Coinbase, Silvergate Capital, and Bakkt Holdings Fell Today
Shares of stocks in the crypto space struggled today, along with lots of other stocks that took a hit after the Federal Reserve released minutes from its December meeting today.
Shares of the cryptocurrency exchange Coinbase Global (NASDAQ: COIN) fell more than 6.3% today, while shares of the crypto bank Silvergate Capital (NYSE: SI) fell nearly 10%. Shares of the digital asset wallet company Bakkt Holdings (NYSE: BKKT) fell nearly 18%.
Minutes from the Fed's December meeting sent the market into a free-fall, with the Dow Jones Industrial Average going from being up on the day just before 2 p.m. ET to ending the day down 400 points. The Nasdaq Composite took the minutes even harder, going from being down some in the afternoon to ending the day down 3.34%.
Source Fool.com
