What happened Top cryptocurrency exchange Coinbase (NASDAQ: COIN) is once again following the gyrations of the market. As of 12:30 p.m. ET, Coinbase stock is down 1.6% from yesterday's close, while the overall crypto market has declined 0.7% over the past 24 hours. Earlier today, Coinbase rose as much as 3.5% in early trading, after news came yesterday that Coinbase would be acquiring a crypto futures exchange, FairX. This acquisition would allow for crypto derivatives trading on the Coinbase exchange in the U.S. Coinbase stock rose initially in pre-market trading and continued to trade positively this morning, until risk-off sentiment once again took tech stocks and the crypto market by storm in late-morning trading. Image source: Getty Images. So what This acquisition announcement is big news for Coinbase, a trading platform that has thus far provided limited investment opportunities for crypto traders. The addition of futures products and other derivatives could make a more compelling use case for Coinbase among crypto traders. As a crypto trading platform that generates the majority of its revenue from transaction fees, this acquisition could substantially boost transaction volumes on the Coinbase platform. Of course, gaining regulatory approval and providing a transparent derivatives market for institutional and retail investors sounds great. However, in practice, whether this acquisition is completed or not is a key question many investors may be asking today. Additionally, market-driven moves across most risk assets this afternoon have thus far been bearish. Coinbase stock is one that remains sensitive to crypto price movements, and today most major cryptocurrencies are trending lower. Now what The long-term bull thesis with Coinbase is that this company could become a true one-stop shop for crypto investors and traders. This announced acquisition certainly has the potential to further that thesis among long-term Coinbase bulls. That's not to say this deal isn't without risk. A myriad of issues could present themselves along the path to integration. However, it's clear that those holding Coinbase are not looking at this deal as a reason to sell today. Rather, market-related issues appear to be at play, driving today's price action with this token. 10 stocks we like better than Coinbase Global, Inc.When our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and Coinbase Global, Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of January 10, 2022 Chris MacDonald has no position in any of the stocks mentioned. The Motley Fool owns and recommends Coinbase Global, Inc. The Motley Fool has a disclosure policy.Source