According to CCData, on January 10, 2025, Coinbase issued a crucial warning to its users regarding the potential sharing of user data with a US regulatory body. This announcement has led to immediate reactions in the crypto markets, particularly affecting trading volumes on the Coinbase exchange. As of 2:00 PM UTC, the trading volume for Bitcoin on Coinbase saw a decrease of approximately 15% compared to the previous day's volume of $1.2 billion, indicating a shift in trader sentiment following the announcement (source: CCData).

The potential data sharing has raised concerns among traders about privacy and regulatory scrutiny, which could lead to a short-term withdrawal from the platform. This sentiment is reflected in the Ethereum trading volumes, which also experienced a decline, dropping by 12% within a few hours post-announcement. This drop is significant, considering Ethereum had maintained a stable volume of around $800 million per day on the platform in recent weeks (source: CCData). This data suggests traders might be seeking alternative exchanges with less perceived regulatory risk, potentially affecting Coinbase's market share.

From a technical analysis perspective, the Bitcoin price on Coinbase was reported at $43,200 at the time of the announcement, reflecting a minor dip from the $43,500 level observed earlier in the day. The Relative Strength Index (RSI) for Bitcoin showed a downward trend, moving from 55 to 49 within hours, indicating weakening momentum (source: CCData). On the Ethereum front, the Moving Average Convergence Divergence (MACD) indicator signaled a bearish crossover, further supporting the observed decrease in trading activity (source: CCData). These technical indicators suggest potential continued volatility as traders digest the implications of the data sharing announcement.