Where Bitcoin goes, Coinbase’s stock follows. Shares of the most prominent crypto exchange in the U.S. plummeted by almost one-third over the past two weeks to a low of about $201 when markets opened on Friday.

The decline of Coinbase’s stock mirrors a nose dive in the price of Bitcoin. The world’s largest cryptocurrency dropped 17% to a low of about $79,000 over the same period. It’s since rebounded to almost $84,000. 

“The correlation is just very high with Bitcoin,” Dan Dolev, a senior analyst in fintech equity research at Mizuho Securities, told Fortune, in reference to Coinbase’s market performance. “I’d be surprised if there was any other outcome.”

The crypto exchange isn’t the only fintech firm to witness a drop in its market value. Robinhood, the online brokerage that allows retail investors to trade stocks and crypto, saw its share price dip almost 30% over the past two weeks to a low of $46 on Tuesday. 

The broader stock market has also retreated as President Donald Trump has instituted a suite of tariffs on Canada, Mexico, China, and the European Union. The Nasdaq has dipped about 7% since mid-February, and the S&P 500 has dropped about 4%.

“While COIN's price action since earnings has been disappointing, we attribute the weakness largely to macro factors,” Owen Lau, executive director and senior analyst at Oppenheimer & Co., wrote in a Monday research report.

The steep fall in Coinbase’s stock comes as an abrupt reversal for the crypto company after its share prices roared to an all-time high of $343 in December. 

After November's presidential election, Coinbase and the broader crypto market enjoyed a so-called "Trump bump." Traders and the crypto industry were optimistic that economic and crypto policies from the incoming Republican president would buoy markets. Bitcoin soared to an all-time high of more than $105,000 in mid-December.

During his election campaign, Trump positioned himself as an ally to the crypto industry. He called himself a "crypto president" and promised the industry that he would get rid of Gary Gensler, the former chair of the Securities and Exchange Commission who spearheaded his agency’s crackdown on the crypto industry. 

“Crypto got the full-throated support of the winning presidential candidate,” wrote Brian Armstrong, the CEO of Coinbase, in November shortly after Trump won the general election.

Coinbase rode the post-Trump fervor to notch one of its best years on record since the crypto exchange went public in 2021. However, the publicly traded crypto exchange reported about $750 million in revenue from trading from the beginning of 2025 to Feb. 11. If that trend continues, its quarter-over-quarter revenue from crypto trading will remain flat.

This story was originally featured on Fortune.com