COIN Stock Price Drops 6.4% after Coinbase Withdraws Support for Crypto Bill

Group 1 - COIN, the stock of Coinbase, experienced a 6.4% decline on January 15, primarily due to the company's withdrawal of support from the crypto market structure bill [1][4] - The stock price fell below $240, forming a "death cross" pattern, indicating a bearish trend as the 50-day simple moving average crossed below the 200-day simple moving average [2] - Historical data suggests that similar setups in the past have coincided with major price bottoms, leading to subsequent rallies of over 100% [3] Group 2 - Coinbase's CEO Brian Armstrong cited significant issues with the bill, including a ban on tokenized equities and limitations on DeFi, as reasons for the withdrawal, emphasizing that a bad bill is worse than no bill at all [4][6] - Armstrong believes that the concerns raised by Coinbase are shared by the broader crypto industry, and he does not think the withdrawal will permanently damage the bill's prospects [5][6] - Citron Research criticized Coinbase's decision, suggesting that the company is more concerned about rising competition than the bill's framework, and they support the tokenization platform Securitize, which has issued over $4 billion in tokenized assets [7]