I’m just going to come out and say it – the cryptocurrency market is looking ugly right now.
Bitcoin (BTC) is hovering under the $30K mark and our favorite cryptos are being punished through no fault of their own. As the broader market struggles, many of you are wondering what this “crypto crash” means for the popular exchange Coinbase Global Inc. (COIN).
After disappointing earnings, on top of everything else, COIN shares have taken a huge hit – falling nearly 50% in recent weeks, from $130 per share on May 4, 2022, to $70 as of market close on May 17, 2022.
Trading volume on Coinbase has also fallen, and the company just announced that it will be paring back its ambitious hiring plans to “reassess.”
All this might sound alarming, considering most of us use Coinbase in some way shape or form. One American Institute for Crypto Investors member even asked:
Is Coinbase going bankrupt when should we move our bitcoin out?
Today, I want to address some of those concerns.
Because first of all, no, Coinbase is not going bankrupt. Coinbase is going to be just fine. (So is Bitcoin, for that matter.)
Don’t let headlines scare you.
Dig a little deeper, and you’ll notice that while COIN shares tumbled, investing legend Cathie Wood used the opportunity to pick up some 546,000 shares for ARK Investment Management. That’s what you should be paying attention to.
I’ll give you my easy answer in less than a minute right here…
Until next time,
Chief Crypto Strategist, American Institute for Crypto Investors