The people, companies and trends shaping the global economy.

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Coinbase Global Inc. showed how quickly a cooling crypto market can pressure even one of the industry’s most diversified exchanges.

Revenue in the fourth quarter tumbled a more-than-estimated 20% to $1.8 billion. The company swung to a net loss of $667 million compared with a $1.3 billion profit from the same period last year, as falling token prices drained trading activity across digital assets and forced Coinbase to mark down the value of its crypto holdings.

The results arrive as Bitcoin has fallen nearly 50% from October’s high, a retreat that has left many retail traders sitting on the sidelines and revived comparisons to earlier crypto downturns. Those cycles have often forced exchanges to retrench quickly, and early signs suggest this one may follow a similar pattern.

Rival exchange Gemini Space Station said last week that it plans to cut up to 25% of its workforce and scale back international operations, underscoring how rapidly weaker markets can translate into operational pressure. Kraken’s chief financial officer departed the exchange, which reported sequentially lower fourth-quarter revenue. Robinhood Markets Inc. said this week its revenue from crypto trading declined 38%.

Today's show features:

• Bloomberg New Equities Reporter Monique Mulima breaks down quarterly earnings from Coinbase
• Bloomberg News Senior Editor, Equities Americas Eric Weiner and Senior Editor Ed Harrison on continued Wall Street jitters due to concern over technology profits and the impact of AI on various sectors
• Bloomberg Economics US and Canada Economist Stuart Paul on a new report from his team breaking down the potential economic costs of various geopolitical ruptures
• Steve Moore, Co-Founder of Unleash Prosperity and a former Trump Economic Advisor, on the US economic and monetary policy outlook