Coinbase Shares Fall 7% After Cybersecurity Incident Disclosure

The cryptocurrency market has experienced significant declines, with Coinbase Global's shares falling sharply amid intensified selling pressure, dropping over 7.5% in recent weeks and suffering a steep 25% loss over six months. This turmoil follows a material cybersecurity incident disclosed by Coinbase in May, where a threat actor accessed nearly 70,000 customers' personal data, raising concerns about the company's security controls and prompting an investigation into possible securities law violations. The broader crypto market reflects this negative sentiment, with the CoinDesk 20 Index down 4.4% and all listed assets losing value, including Bitcoin, which fell 4% following geopolitical tensions in the Middle East. Ethereum ETFs in the US continue to outperform Bitcoin ETFs, drawing significant inflows and signaling shifting investor preferences amid Ethereum's recent rebound. Altcoins like Dogecoin, Solana, and Cardano have seen sharper declines, further illustrating market-wide volatility driven by softer US inflation data and ongoing US-China trade uncertainties. Technical indicators suggest Bitcoin may face further downward pressure unless buyers step in, indicating cautious market conditions overall.