Coinbase to End Year With All-Time Low Stock Price

Joshua Ramos
Coinbase Lays off 1.2% of its Staff Amidst Market Turmoil
Source: Forbes

The largest cryptocurrency exchange platform in America has seen the effects of the eventful past year take a toll on its value. Dropping 6% in the last week, Coinbase is set to end 2022 with a new all-time low stock price.

The price was above $40 at the end of November. That number hit a low of $32.40 per share. Thereafter, a slight recovery occurred with the price lifting to $32.65.

Coinbase Receives Virtual Asset Service Provide License in Ireland
Source: Reuters

Coinbase Ending 2022 at an All-Time Low

There is no understating of just how abysmal this year has been for the cryptocurrency industry. The downfall of FTX, one of the biggest cryptocurrency exchange platforms on the planet, and its subsequent bankruptcy, were just the icing on an already devastating 2022.

Increases in volatility concerns over transparency efforts and plummeting value has classified this year as a tremendously difficult one. Moreover, one of the largest cryptocurrency exchange firms on the planet is feeling the effects of the year’s challenges as the year comes to a close.

Coinbase Unveils Asset Recovery Tool for ERC-20 Tokens
Source: TechCrunch

Coinbase is officially ending the year after recording an all-time low stock price. Following the $40.61 number that was recorded in November, the previous low, the price has decreased to a worrisome $32.40 per share. Furthermore, Decrypt reports that the company’s stock has fallen 87% over the year and 23.19% in the past month.

The largest exchange in America, and the third-largest in the world by volume traded, is hindered by a multitude of factors. The FTX collapse is doing a fair bit of damage to the industry, with regulation worries adding to the negative perception. Yet, perhaps the most concerning facet is the revenue decrease at the exchange.

How to Fix Coinbase Pro Not Working Errors
Source: Fortune

It was reported that the platform has a net revenue of $576 million for 2022’s third quarter. Conversely, the number is a 28% depreciation from $803 million the previous quarter. Additionally, transaction revenue dropped 44% quarter by quarter.

In an effort to combat financial concerns, Coinbase laid off 18% of its workforce. Consequently, 1,100 employees were let go due to the economic conditions of the platform. This was certainly not helped by the plethora of macroeconomic struggles abounding.