Will Coinbase lose its status as a significant cryptocurrency player?

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Last Updated on September 25, 2022 by Bitfinsider

The cryptocurrency exchange is widely known as one of the biggest and most well-known cryptocurrency trading organizations worldwide. In addition, it was the first exchange for digital currencies to ever go public, joining the Nasdaq in April of last year. However, it now appears that things are coming apart for Coinbase, and it may take some time for the business to fully recover. Things were looking great for the exchange, and many believed the company was going to reach a pinnacle beyond anything that has ever been reached in the crypto industry.

Given its scale and the fact that the crypto crisis has impacted every digital currency company, it is not surprise that Coinbase has been hit particularly hard. When the company first listed on the stock exchange in April, its stock shares were initially going for close to $300 each. However, those shares have subsequently dropped to around $50. Since the corporation is so dependent on bitcoin, it makes reasonable that the digital currency exchange would be doing the same thing as the asset dips into oblivion.

Additionally, the value of the cryptocurrency market is declining like never before. The value of the cryptocurrency market has decreased by more than $2 trillion since the year’s commencement. Since hitting a new all-time high in November of last year (the asset peaked at $68,000), Bitcoin, the top-ranked digital currency in the world by market cap, has lost 70% of its value. Other assets, including Ethereum, have also experienced a similar decline.

Just a few months ago, Coinbase was compelled to enact a hiring freeze due to all these coins suddenly tumbling to the earth. Although these intentions didn’t materialize, Coinbase was expected to increase its staff in 2022. Later on, Coinbase said that it will be firing around 18% of its staff in response to this revelation. This implied that many current employees will soon lose their employment in addition to the fact that no one would be hired. The crisis seems to be having a significant impact on Coinbase as it has only gotten worse.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.


Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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