Coinbase Stock Plunges Amid Crypto Market Downturn

Coinbase's stock fell 3.1% in morning trading after a downturn in the crypto market prompted by hawkish monetary policies from Japan's central bank and escalating geopolitical tensions.

The Bank of Japan's plans to raise interest rates put downward pressure on Bitcoin, which dropped to retest the $62,000 level.

Coinbase shares initially shed 2.1% but recovered some losses after trading at $150.63. The stock has been volatile over the past year with 53 price moves greater than 5%.