NEW YORK, February 2, 2026, 20:09 EST — Market closed
- Crypto-linked stocks dropped alongside bitcoin volatility, sending Coinbase down 3.5%
- After slipping over the weekend and facing heavy liquidations, Bitcoin bounced back, climbing roughly 1.9%.
- Traders are now eyeing Tuesday’s session along with Coinbase’s Feb. 12 earnings for a clearer direction
Shares of Coinbase Global dropped 3.5% on Monday, closing at $187.86, as investors pulled back from crypto-related stocks following a tough run for digital assets.
The drop is significant since Coinbase now serves as a quick barometer for risk appetite in crypto. The market remains uncertain if this recent selling spree is just a temporary shakeout or signals a deeper downturn.
U.S. stocks are closed until Tuesday, shifting focus to bitcoin’s ability to maintain its position through the night and whether shifts in rates and the dollar will continue to weigh on the wider “risk” trade.
Bitcoin last traded up about 1.9% at $78,916, after bouncing between $74,609 and $79,155. Investors have shed roughly $2.56 billion in bitcoin positions over the past few days, according to CoinGlass data. These liquidations occur when leveraged bets are forcibly closed after margin calls. “People are taking a step back,” said Adam McCarthy, a senior research analyst at Kaiko. Jim Ferraioli of Charles Schwab pointed to “outside forces,” while David Morrison of Trade Nation noted that investors “finally got several” reasons to lighten up. Reuters
Coinbase faces a double hit here: falling crypto prices drag down sentiment, while volatile price swings disrupt trading volumes that drive the exchange’s revenue.
Shares of other crypto-exposed firms slipped as well. Robinhood Markets tumbled 9.6%, with Strategy down 6.7%, based on pricing data.
Coinbase plans to release its fourth-quarter and full-year 2025 earnings on February 12, after the market closes. A webcast will follow at 2:30 p.m. PT.
In Washington on Monday, the White House convened a meeting between banking officials and crypto industry players, who remain at odds over proposed caps on stablecoin-related rewards, Axios reported.
The downside risk remains clear: should bitcoin plunge to new lows or if macro worries resurface, crypto-linked stocks could drop sharply, no matter what individual company news says.
Tuesday’s focus will be on whether bitcoin holds near the $80,000 level and if stocks can bounce back from recent risk-off selling. Coinbase’s next key event is its earnings report on February 12, where investors will scrutinize management’s outlook on trading volumes and demand heading into 2026.
