Coinbase stock (COIN) hit an all-time low on Nov 21 as the FTX crash continues to plunge the crypto world into chaos. COIN has dipped below $42, bottomed out at $40.61, lost more than 80% since it went public on Apr 16, 2021.
Investors’ confidence in centralized exchanges dwindled after billions of dollars disappeared with the collapse of FTX. Coinbase cut its third-quarter losses by 50% to $545 million from $1.1 billion in the second quarter as the company reined in costs and cut workers, and also increased its interest income.
However, its transaction revenue continues to be significantly impacted by macroeconomic and crypto market difficulties, which are expected to continue into 2023. Coinbase laid off 1,100 employees in June and 60 jobs in Nov to reduce operating costs.
Bitcoin also reacted negatively to the news that Genesis was in danger of bankruptcy. The world’s largest cryptocurrency at one point fell to $ 15,476, the new low in 2022, also the lowest since November 2020. Bitcoin is now trading around $15,811 on CoinMarketCap.
Not only Bitcoin, Ethereum – the world’s second largest cryptocurrency, has also dropped 8% over the past 24 hours, to $1,118. The crypto market cap on Nov 21 was $828 billion.
Since the “crypto winter” began, the market cap has fallen from a peak of around $3 trillion in November 2021, to below $1 trillion in July. According to experts, the market will face many difficulties to recover after the crash of FTX.
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