Why Bitcoin, Ethereum and Litecoin Coinbase Stocks Are Getting Hammered

Coinbase Global Inc COIN shares are trading down 10.34% at $66.27 ahead of the close of Friday's trading session. Shares of several banks and financial services firms are trading lower amid overall market weakness following better-than-expected U.S. unemployment data, which could negatively impact lending as this dims the outlook for a Fed policy pivot. A rise in Treasury yields also weighed on the sector.

Coinbase is also trading lower in sympathy with the price of Bitcoin BTC/USD and Ethereum ETH/USD.

Bitcoin and Ethereum are trading down 2.72% to $19,400 and 2.24% to $1,320, respectively, as of Friday's close.

See also: Why Microsoft shares are sinking

What's happening in the wider market?

The United States added 263,000 jobs last month, beating economists' average estimates of 250,000 jobs, according to Benzinga Pro.

New data from the Bureau of Labor Statistics showed that the unemployment rate in the United States was 3.5%, exceeding the level of 3.7% predicted by economists. The labor force participation rate fell 0.1% to 62.3%, compared to the pre-pandemic rate of 63.4% in February 2020...En learn more

According to data from Benzinga Pro, Coinbase has a 52-week high of $368.90 and a 52-week low of $40.83.

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