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

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.

Coinbase Global stock price closed 4.6 percent higher on Wednesday as cryptocurrency markets were also trading positive after a highly volatile week.

Ethereum is nearing a major milestone with its Pectra upgrade, a sweeping enhancement designed to improve staking efficiency and wallet functionality.

Coinbase stock price declined nearly 10 percent during last week. The stock recovered 3.5 percent on Friday as cryptocurrency markets were showing some signs of stability.