By Richard Hines
It appears that the current state of the crypto market continues to affect the trading shares of the Coinbase crypto exchange. Ever since the quite temporary price surge that was witnessed due to the announcement of the exchange’s partnership with multi-national New York investment firm, BlackRock, the exchange’s Coin has fallen to about a whopping 60%. As of Wednesday, December 14, 2022, COIN sold for about $38.69.
Coinbase CEO’s Prediction Manifesting As Shares Fall Low
It appears that the current deplorable state of the crypto industry is seriously affecting the affairs and performance of the popular crypto exchange, Coinbase. The exchange has recorded yet another fatal low this week.
It seemed like quite a forward thing to do when, just a couple of days ago, Brian Armstrong, the cryptocurrency billionaire who is also the chief executive officer of Coinbase, took to the public to predict what the total revenue of his company will be for the year 2022.
According to him, he expects that the exchange will only manage to rake in about half of its income percentage in the year 2021, or even less than half.
This “prediction” seems to be spot on, as the exchange has recorded yet another quite low price fall.
As of Wednesday, December 14, 2022, the exchange’s shares sold for about $38.69. COIN, which was at a whopping $98 just after the announcement of the exchange’s partnership with multi-national New York investment firm BlackRock, has fallen to about 60% generally.
Back in August, the BlackRock behemoth, in conjunction with Coinbase Prime, kicked off the provision of institutional access to investors to trade and keep bitcoin using BlackRock Aladdin.
Where Does the Industry Go From Here?
Generally, the crypto industry is in a really bad state. Over the past months, crypto firms have lost a considerable amount of funds, while others have declared bankruptcy and packed up either by pausing withdrawals or just doing it point-blank.
Coinbase, OpenSea, and Kraken are among the numerous companies that have laid off staff significantly to cut costs and keep their heads above water.
There is no doubt that no one knows for sure where the industry is headed. While some investors are cutting their losses and selling, others are trusting their instincts to buy and hold.
A very good example of the latter will be the CEO of the investment firm, ARK Invest, Cathie Wood, who recently bought 78,982 coinbase shares for $40 each.