Coinbase Shares Plunge to 7-Month Low on Trump Trade War Fears

Cryptocurrency exchange Coinbase has been hit hard by the ongoing trade war tensions, with its shares reaching a seven-month low. The U.S. equities market’s reaction to President Trump’s tariff announcements has contributed to the decline, impacting not only Coinbase but also Bitcoin miners.

Coinbase Shares Hit 7-Month Low Amid Trump Trade War

Coinbase stock sank to a seven-month low on Friday as the U.S. equities market continued plummeting in response to President Donald Trump’s recent tariff announcements. Shares in the American crypto exchange fell more than 13% at one point during Friday’s trading session and remain 6.38% below market open. Losses are also extending among Bitcoin miners, just days after the group collectively posted their worst trading month ever. Riot Platforms and BitDeer recently plunged 4% and 8.44%, respectively, in early Friday afternoon.

Public Keys: Circle IPO Filing, MicroStrategy Approaches 3% of Bitcoin Supply, Bakkt Troubles

Circle, the issuer of USDC, has filed to go public. The company has been a cash cow for Coinbase, which receives half of all residual revenue Circle makes on its stablecoin reserves. MicroStrategy continues to buy Bitcoin and could soon hold 3% of the total supply. Bakkt, however, is facing troubles. Decrypt reporter Matt Di Salvo explains why experts believe midsize Bitcoin miners might need a wellness check in the coming months.