Coinbase Global (NASDAQ:COIN) stock sank 7.2% on Monday as the broader cryptocurrency market came under further pressure following a notable rally earlier this month.
CONSTELLATION BRANDS, INC.The global crypto market cap egged down 0.3% to $1.16T, according to CoinMarketCap data, mostly driven by bitcoin's (BTC-USD) 0.5% slump to $27.41K and ethereum's (ETH-USD) 0.8% descent to $1.83K, at the time of writing.
Nonetheless, both tokens are up significantly year-to-date as crypto-market investors price in expectations that the end of the Federal Reserve's tightening cycle could be on the horizon. That's one of the main reasons why Standard Chartered predicted that bitcoin (BTC-USD) could reach $100K by the end of 2024.
From the start of 2023, COIN also soared 63%, though it's trading near all-time lows as the crypto industry continues to grapple with a barrage of headwinds, including macroeconomic and regulatory issues. The Quant system and the average Wall Street analyst both view the stock as a Hold.
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