Why did Coinbase stock drop today? Risk-off mood ahead of Fed rate hike

With the three major U.S. stock averages snapping a six-session winning streak, crypto-related stocks dropped even more drastically, reflecting a risk-off environment. Cryptocurrency exchange Coinbase (NASDAQ:COIN) stock slid 8.1% in Monday trading, a day when bitcoin (BTC-USD) dipped ~1.3% to $20.4K. As has been the pattern lately, bitcoin miners and other related shares exhibited even more drastic swings the the movement of the crypto assets themselves. As investors expect the Federal Reserve to continue raising its interest rate, the price of assets, especially riskier ones, decline. Other stocks taking significant drops include Marathon Digital (MARA) -5.3%, Hive Blockchain (HIVE) -8.6%, Hut 8 Mining (HUT) -5.1%, Bitfarms (BITF), Galaxy Digital (OTCPK:BRPHF) -4.9%, and MicroStrategy (MSTR) -4.5%. On Thursday, Coinbase (COIN) will release its Q3 earnings. Its expected to post Q3 EPS of -$1.47 and revenue of $641.9M. By contrast, the company posted Q2 EPS of -$4.98 and net revenue of $802.6M. SA contributor John Miller advises a patient stance