COIN Stock Outlook Faces Pressure as Fed Rate Hike Odds Rise to 71% Following Hot PPI Data

Coinbase (COIN) stock traded at $1723 on Thursday, declining 1.24% as higher-than-expected producer inflation data increased the probability of a Federal Reserve rate hike to 71%. The broader crypto market capitalization fell 2.32% to $2.62 trillion amid a general reduction in risk appetite. Bitcoin dropped by $1,200 to trade below $77,000, while Ethereum fell below $2,500.