Coinbase stock price suffered a major setback on Monday as almost all the major cryptocurrencies were facing intense selling pressure.

Coinbase Global (COIN) stock price was down by 17.6 percent as cryptocurrencies were facing major selling pressure in today's session.

Cryptocurrency markets witnessed selling on Sunday and early Asian session led Bitcoin below $80,000 while Ethereum saw levels below $2,000.

Bitcoin, Ethereum and other cryptocurrencies declined within minutes of executive order on Strategic Crypto Reserve signed by US President Donald Trump failed to impress the market.

In an unexpected turn of events, former U.S. President Donald Trump has reignited momentum in the cryptocurrency sector by announcing a strategic reserve of digital assets.

Coinbase Global Inc. (NASDAQ: COIN), a leading cryptocurrency exchange, has experienced notable fluctuations in its stock performance, reflecting the dynamic nature of the digital asset market.