Benzinga - Coinbase Global Inc (NASDAQ: COIN) shares are trading lower Monday. The move appears to be due to a pullback in the price of Bitcoin (CRYPTO:BTC).
What To Know: Coinbase and other crypto-related stocks are moving lower as Bitcoin retreats following a surge in price to start the month.
The pullback in Bitcoin appears to be due to profit taking after the world's largest cryptocurrency rallied more than 13% over the last week and remains up close to 150% year-to-date.
Much of the recent rally in the broader crypto space has been fueled by increased institutional interest driven by continued optimism surrounding a potential spot Bitcoin ETF, as well as expectations that the Federal Reserve is probably done hiking rates and could even begin to talk about cutting.
Bitcoin's weekend move lower represents its steepest drop in almost four months. The weakness has spread into several crypto-related names on Monday. Coinbase is the leading cryptocurrency exchange platform in the United States, focused on building a more accessible, efficient and transparent financial system enabled by crypto.
See Also: Wikipedia Founder Jimmy Wales Says 'Banks Work And Bitcoin Doesn't,' Faces Crypto Community's Wrath
COIN Price Action: Coinbase shares were down 3.83% at $141 at the time of publication, according to Benzinga Pro.Despite Monday's drop, Coinbase shares are still up nearly 60% over the last month.
Photo: courtesy of Coinbase.
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