New York, Feb 23, 2026, 13:07 (EST) — Regular session.
- Coinbase dropped around 6% as bitcoin slipped under $65,000 and risk appetite faded.
- Crypto-linked stocks slid, mirroring a broader drop in equities sparked by renewed questions over U.S. tariffs.
- Traders are eyeing crypto prices to see if they steady before tariffs kick in Tuesday.
Shares of Coinbase Global Inc tumbled 6.3% to $160.58 in early afternoon trading Monday, dragged lower alongside bitcoin’s slide as risk appetite wavered under fresh U.S. tariff uncertainty.
Bitcoin slipped 3.8% to $64,783, after touching a low of $64,283. Ether dropped 3.9% to $1,864, according to data. Crypto moves like these tend to shape activity on platforms such as Coinbase, where customer trading volumes drive much of the revenue.
Crypto prices slid after major U.S. indexes dropped over 1%, as traders digested a fresh shift in U.S. trade policy. President Donald Trump rolled out a global tariff, hiking it from 10% to 15%, and suggested it might stick around for as long as five months. “Markets don’t like uncertainty,” said Steve Sosnick, chief market analyst at Interactive Brokers. Reuters
Other stocks tied to crypto didn’t fare much better. Robinhood Markets sank 5.0%, while Strategy dropped 5.5% by midday.
Shares of Coinbase have reacted sharply to moves in crypto prices and market volatility, following an unexpected quarterly loss reported earlier this month. Trading volumes slumped as digital assets sold off broadly. In its shareholder letter, Coinbase commented, “Crypto is cyclical, and experience tells us it’s never as good, or as bad as it seems.” Reuters
Attention has zeroed in on Coinbase’s guidance for subscription and services revenue, which covers stablecoins—those digital tokens linked to the dollar or another steady benchmark. For the first quarter, Coinbase is projecting that this line will bring in anywhere from $550 million to $630 million.
Even so, crypto prices are famously volatile—good or bad news for exchange stocks depending on the direction. If bitcoin drops further, retail traders might stay on the sidelines and fee income could take a hit. But if the market snaps back, volumes may surge, along with the risk of sentiment turning on a dime.
Traders are eyeing the next potential shock: new tariffs go live Tuesday, triggered by Section 122 of the Trade Act—a seldom-invoked tool that permits tariffs as high as 15% for a stretch of up to 150 days, according to Reuters.
