Stock Track | Coinbase Stock Plunges as Crypto Market Selloff Intensifies.

Coinbase Global, Inc. $Coinbase (COIN.US)$ shares plummeted on Wednesday as the selloff in the cryptocurrency market deepened. The leading U.S. crypto exchange's stock fell as much as 5% amid a broad-based decline in digital asset prices.

Bitcoin, the world's largest cryptocurrency by market capitalization, dropped below $57,000 for the first time in over a month. The decline in Bitcoin's price has put pressure on Coinbase and other crypto-related companies.

The selloff in the crypto market has been driven by concerns over potential regulatory crackdowns and ongoing macroeconomic uncertainties. Investors are also awaiting the upcoming U.S. jobs report, which could provide further clues about the Federal Reserve's monetary policy stance.

Coinbase's revenue is heavily dependent on trading volumes and cryptocurrency prices, making it particularly vulnerable to market downturns. The company has faced challenges in recent months as the once-hot crypto trading frenzy has cooled.