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TipRanks 2022-06-23 04:44:08

COIN: Crypto Fatigue Could Hurt the Crypto Story, Says Analyst

Cryptocurrencies have been on a downslide recently, with Bitcoin (BTC) hovering near the $20,000 mark and having lost more than half of its value, down 57.6% year-to-date. Globally, the crypto market capitalization currently stands at $897.7 billion. This crypto meltdown has also impacted cryptocurrency exchange platforms like Coinbase Global (NASDAQ: COIN). Shares of Coinbase have tanked 79.3% this year and are currently trading just above the 52-week low. The crypto volatility also caused Coinbase to lay off around 1,100 employees recently, representing around 18% of its workforce. Moreover, this volatility also resulted in a decline in trading volumes to $309 billion in Q1 from a record $548 billion in Q4.

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