What happened
Shares of top cryptocurrency exchange Coinbase Global ( COIN -6.55% ) were down 6.6% today as of the market close. Some cryptos were falling in price again today due to the escalating conflict between Russia and Ukraine. Bitcoin ( BTC 2.41% ) and Ethereum ( ETH 1.45% ), the two largest cryptos by market cap, have been in retreat over the last seven-day stretch, and Coinbase is falling in sympathy.
|
Asset |
Market Cap |
Seven-Day Price Change (Decline) |
|---|---|---|
|
Bitcoin |
$721 billion |
(13.9%) |
|
Ethereum |
$313 billion |
(16.1%) |
|
Coinbase Global |
$38 billion |
(9.3%) |
Data source: CoinMarketCap and YCharts.
Image source: Getty Images.
So what
Coinbase’s recent tumble can be chalked up to ongoing risk-off market sentiment rather than geopolitical uncertainty. While Russia is a hotbed for crypto mining and investing (cryptos aren’t allowed to be used for financial transactions in Russia, only as an investment vehicle), Coinbase doesn’t operate in the country.
Rather, market turmoil over the conflict is combining with…
