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Coinbase (NASDAQ:COIN) shares fell 4.4% in premarket trading on Tuesday as Bitcoin and Ether moved lower ahead of a procedural US Senate vote on digital-asset legislation and Wednesday’s Federal Reserve interest-rate decision.
Bitcoin (COIN:BTCUSD) declined approximately 2.9% to around $76,834, while Ether (COIN:ETHUSD) recorded a larger percentage decline. Other crypto-linked equities also traded lower alongside the drop in digital-asset prices.
Coinbase shares were trading at $183.11 in premarket activity, compared with an earlier high of $193.22 and a low of $180.29. The stock remained above its 52-week low of $139.11.
Senate Vote on CLARITY Act in Focus
The US Senate was scheduled to hold a procedural cloture vote on the Digital Asset Market Clarity Act on Tuesday.
The proposed legislation is intended to establish a clearer regulatory framework for digital assets, including the classification of tokens. The measure requires 60 votes to advance, and the outcome remained uncertain based on the supplied information.
Investors were also awaiting the Federal Reserve’s monetary policy decision scheduled for Wednesday, September 16.
Broader US equity futures traded modestly lower, with the S&P 500 down 0.1%, the Dow Jones declining 0.3% and the Nasdaq slipping 0.1%.
Compass Point Upgrades Coinbase to Neutral
Separately, Compass Point upgraded Coinbase to Neutral from Sell in the previous session and raised its price target to $177.
The revised target remained below Coinbase’s premarket share price on Tuesday.
The broker’s assessment was linked to the possibility that Bitcoin could be approaching a cyclical bottom, according to the supplied information.
Coinbase’s premarket decline came as digital-asset prices, regulatory developments and the approaching Federal Reserve decision remained in focus for crypto-related equities.
Source: finance.yahoo.com