Why Bitcoin-, Ethereum- And Litecoin-Related Stock Coinbase Is Getting Hammered By Benzinga

© Reuters. Why Bitcoin-, Ethereum- And Litecoin-Related Stock Coinbase Is Getting Hammered

Coinbase (NASDAQ:) Global Inc (NASDAQ: COIN) shares are trading lower by 10.34% to $66.27 going into the close of Friday’s trading session. Shares of several banks and financial services companies are trading lower amid overall market weakness following better-than-expected U.S. unemployment data, which could negatively impact lending as it dims the outlook for a Fed policy pivot. A rise in Treasury yields have also weighed on the sector.

Coinbase is also trading lower in sympathy with the price of (CRYPTO: BTC) and (CRYPTO: ETH).

Bitcoin and Ethereum are trading lower by 2.72% to $19,400 and 2.24% to $1,320, respectively, going into the close of Friday’s session.

What’s Going On In The Broader Market?

The U.S. added 263,000 jobs last month, outpacing average economist estimates of 250,000 jobs, according to Benzinga Pro.

New data from the Bureau of Labor Statistics showed the U.S. unemployment rate at 3.5%, beating the 3.7% level economists had projected. The labor participation rate dropped 0.1% to 62.3%, compared to the 63.4% pre-pandemic rate in February 2020…Read More

According to data from Benzinga Pro, Coinbase has a 52-week high of $368.90 and a 52-week low of $40.83.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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