Coinbase shares drop as Bitcoin slides from monthly peak

Coinbase Global Inc shares fell nearly 4.9% in morning trading on Monday to $156.43 as a broad cryptocurrency market selloff weighed on the stock.

Bitcoin dropped approximately 8% from its monthly high to around $80,500, pushing total cryptocurrency market capitalization down to roughly $2.7 trillion. The decline in Bitcoin hit Coinbase harder than the broader equity market.

Three factors contributed to Bitcoin's weakness. Middle East tensions escalated, sending oil prices higher. Bitcoin exchange-traded funds saw their largest single-day outflows since June. Leveraged positions faced liquidation pressure ahead of the Federal Reserve's upcoming policy decision.

Analysts offered mixed views on Coinbase. Bernstein SocGen maintained its Outperform rating but reduced its price target to $250 from $330. JPMorgan raised its target to $189 from $148 while keeping an Overweight rating.

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