Coinbase Shares Plunge Amid Broader Crypto Market Sell-Off

Coinbase shares took a hit in premarket trading, dropping over 3% following a significant decline in the crypto market. This comes as the total crypto market cap fell to $2.3 trillion on Friday, with Bitcoin at the forefront of the downward trend.

According to market analysts, the crypto market is entering oversold territory, with the average Crypto Relative Strength Index (RSI) standing at 36.9. This suggests that investors are becoming increasingly bearish on the market.

In a related development, Coinbase continues its operational expansion, partnering with Better Home & Finance Holding Co. to allow borrowers to use Bitcoin or USDC as collateral for Fannie Mae-eligible mortgages.