Why did Coinbase stock plunge today? Crypto stocks plunge in risk-off session

Coinbase Global ( NASDAQ: COIN ) stock dropped 12.1% on Wednesday as the cryptocurrency market came under downward pressure against a backdrop of a broad risk-off session. Also, the digital asset space continues to be rattled by the negative impacts of collapsed crypto exchange FTX, which filed for Chapter 11 bankruptcy protection in the U.S. last week. Coinbase ( COIN ), meanwhile, reassured investors that the centralized crypto exchange has "very little exposure" to Sam Bankman-Fried's FTX and zero exposure to FTX token ( FTT-USD ), the beleaguered crypto issued by FTX. Major digital tokens like bitcoin ( BTC-USD ) -2.1% and ethereum ( ETH-USD ) -3.2% dipped as of shortly before 5:00 p.m. ET, after the stock market ended the session lower as the stronger than expected retail sales report dismissed the nation that the Federal Reserve will pivot any time soon. The slump in COIN shares also coincided with sharp declines in crypto-related peers, including MicroStrategy ( MSTR ) -1.2% , Galaxy Digital ( OTCPK:BRPHF ) -5.3% , Bakkt ( BKKT ) -7.4% , Riot Blockchain ( RIOT ) -10.7% , Core Scientific ( CORZ ) -12.6% and Marathon Digital ( MARA ) -12.5% . Seeking Alpha contributor Vincent Ventures raised his concerns about Coinbase's business model, calling it cancerous .