Coinbase Stock Slides 3% as Bitcoin Drops Below $83,000 and Forced Crypto Liquidations Near $700 Million

NEW YORK — Shares of Coinbase Global fell more than 3% on Wednesday as bitcoin tumbled below $83,000, triggering a wave of forced selling across cryptocurrency markets and dragging down crypto-linked stocks amid a broader Wall Street selloff.

Coinbase stock dropped $6.17, or 3.32%, to $179.57 in late-morning trading on the Nasdaq. The largest U.S. cryptocurrency exchange closed Tuesday at $185.74, down 1.32%.

The decline left Coinbase with a market value of about $49 billion and well below its 52-week high of $402.16. The stock's 52-week low is $139.11.

Bitcoin slides

The selloff tracked a sharp drop in bitcoin, the world's largest cryptocurrency. Bitcoin fell more than 3% to around $83,000 on Wednesday, after briefly breaking below $84,000, a level some analysts had flagged as a key support point.

Coinbase recorded a low of $83,551 for bitcoin on its platform during the early slide, according to CoinDesk. Bitcoin later traded below $83,000 on some exchanges.

The decline triggered about $696 million in liquidations over 24 hours, with traders who had bet on rising prices bearing almost all of the losses, according to CoinGlass data cited by Yahoo Finance. Liquidations occur when exchanges forcibly close leveraged positions after prices move against traders.

Ether, the second-largest cryptocurrency, fell about 5.9% to around $2,559, according to CoinGecko data. Smaller tokens fell even more sharply.

The pullback follows a rally in early October that lifted bitcoin to its highest level since January.

Oil and yields weigh

The crypto selloff came as rising oil prices and surging bond yields rattled financial markets.

Oil prices climbed amid renewed attacks on energy infrastructure and shipping in the Middle East, according to CoinDesk, which said both oil and the U.S. dollar strengthened as bitcoin fell. Brent crude climbed back above $100 a barrel this week.

On Wall Street, the Dow Jones Industrial Average fell about 500 points, while the S&P 500 and Nasdaq retreated from record highs as Treasury yields hit their highest level in 24 years. Higher yields tend to weigh on speculative assets like cryptocurrencies, which do not pay interest.

Investors are also awaiting minutes from the Federal Reserve's September meeting, due Wednesday afternoon, for clues about whether the central bank will raise interest rates again.

Crypto stocks fall together

Coinbase was one of several crypto-linked stocks to decline.

Robinhood Markets, whose trading platform has a large crypto business, fell more than 3%. Strategy, the company formerly known as MicroStrategy that holds a massive stockpile of bitcoin, also dropped, along with bitcoin miners and stablecoin issuer Circle Internet Group.

Coinbase's stock tends to move in the same direction as bitcoin because much of its revenue comes from transaction fees tied to crypto trading. When prices rally, trading activity typically rises, boosting fees. When prices fall, trading often slows.

Analysts remain divided

Despite the stock's weakness, several analysts have expressed optimism.

BTIG reiterated its buy rating and $240 price target on Wednesday. Goldman Sachs recently raised its price target to $244 from $219. Wells Fargo began coverage last week with an equal-weight rating and a $200 target.

Earlier this year, Barclays downgraded Coinbase to underweight, citing "profitability under pressure."

Earnings pressure

Coinbase has struggled financially this year as crypto trading volumes have been uneven.

The company reported second-quarter revenue of $1.22 billion and a loss of $1.36 per share, according to MarketBeat. Over the past 12 months, Coinbase has posted a net loss of about $988 million on revenue of $6.04 billion.

The company has been working to diversify its business beyond spot trading, including integrating Deribit, the crypto options exchange it acquired, as part of a push to build a regulated derivatives platform. Coinbase also earns revenue from USDC, the stablecoin it co-founded with Circle.

The company has also seen leadership changes. Chief Accounting Officer Jennifer Jones plans to leave the company, according to a recent disclosure.

Volatile stock

Coinbase shares are known for sharp swings, with a beta of about 3.4, meaning they tend to move far more than the broader market.

The stock has fallen sharply from its peak, which came when bitcoin hit a record high in October 2025. Crypto prices tumbled after that peak, weighing on Coinbase's trading revenue.

Coinbase is expected to report third-quarter results around Oct. 29. Investors will watch for updates on trading volumes, subscription and services revenue, and the company's derivatives business.

In the near term, the stock's direction is likely to depend on bitcoin's next move, as well as broader market conditions, interest rate expectations and developments in the Middle East.