Coinbase Shares Plunge as Crypto Market Downturn Intensifies

Coinbase shares fell 3.1% in morning trading after a broad crypto market downturn, sparked by a hawkish monetary policy from the Bank of Japan and escalating geopolitical tensions.

The decline was also fueled by reports that Japan's central bank planned to raise interest rates, reducing investor demand for riskier assets.

Bitcoin dropped to retest the $62,000 level, while $131 million in outflows from Bitcoin ETFs on August 13 added to the negative sentiment.