New York, January 20, 2026, 13:14 EST — Regular session
Shares of Coinbase Global dropped 5.2% to $228.68 in early afternoon trading Tuesday, following a wider slump in crypto prices. Bitcoin slipped 3.6%, while ether tumbled 6.7%.
This move is significant since Coinbase stands out as one of the clearest U.S.-listed plays on crypto trading volume. Token price shifts and volatility typically drive trading activity, which in turn impacts the exchange’s revenue.
Tuesday saw a pullback from risk assets as investors reacted to U.S. President Donald Trump’s fresh bid to buy Greenland and looming tariff threats against European countries. These moves unsettled markets, driving capital toward safer bets. 1
Separately, Coinbase acknowledged that some users are experiencing delays when sending and receiving funds on the Ronin Network. 2
Ronin, designed for gaming, is an Ethereum Virtual Machine-compatible blockchain launched by Sky Mavis, the team behind Axie Infinity, according to the project’s documentation. 3
Coinbase grabbed headlines this week with a major international partnership: Bermuda’s government announced plans to become the world’s first “fully onchain” national economy, relying on Circle and Coinbase for infrastructure and tools. The term “onchain” refers to using blockchain as the backbone for everyday financial transactions. Circle is promoting USDC, its dollar-pegged stablecoin, to speed up and cut costs on payments. Bermuda Premier David Burt described the move as a way to “create opportunity” and “lower costs,” while Coinbase CEO Brian Armstrong said the company is “excited to support” the shift. 4
Despite the longer-term rally, crypto-linked stocks slipped today. Strategy fell 8.2%, while Robinhood Markets dropped 1.5%, following Coinbase’s decline.
The recent selloff has reignited a familiar debate among investors: Is bitcoin “digital gold” or just a leveraged gamble? Duke University finance professor Campbell Harvey told Investopedia in a paper that bitcoin “is hardly a safe-haven asset.” Bitunix analyst Dean Chen added that the wider market continues to treat bitcoin as a “high-beta risk asset.” 5
But the connection runs both ways. Should crypto prices steady and volatility pick up enough to boost trading, Coinbase could see a swift rebound. And if the macroeconomic shock eases, that risk appetite which had vanished might surge back in just as quickly.
Traders are focused on the political calendar and the charts for now. February 1 is front and center after Trump’s tariff warning, with investors scanning for any hint of easing or a broader trade conflict. 6
Coinbase is set to release its quarterly results on February 12, with the earnings call covering both Q4 and the full year scheduled for after the market close. 7
