Shares of Coinbase Global (NASDAQ: COIN) fell today after China's central bank said it was cracking down on cryptocurrencies that are bought and sold through the country's banks and payment processing companies.
Coinbase's stock fell by as much as 4.6% today and was down by 3.1% as of 3:43 p.m. EDT.
Coinbase is a cryptocurrency exchange that allows users to buy and sell cryptos, including Bitcoin, so any negative news about a major economy regulating cryptocurrencies is likely to send Coinbase's stock reeling.
Source Fool.com