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Will Coinbase Shares Continue to Decline?

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Will Coinbase shares continue to decline? The first US cryptocurrency exchange went public in April 2021.Coinbase stock hit its lowest price since the company’s IPO last year, with COIN down 87.04% to $35.00 from $268.15 in Dec. 21, 2021, according to Yahoo! Money.

Although the tech stocks have been broken up worldwide in 2022, Coinbase is new as a public trading company whose main business is cryptocurrency – a select group that includes Block Inc. (formerly Square) and crypto companies -Core Scientific and Riot Blockchain mining.

Despite the Coinbase shares COIN crash, Cathie Wood, chief financial officer and fund manager at Ark Invest, bought another 297,000 shares of Coinbase Stock worth $11.9 million last week. The investment fund currently owns 6,139,480 Coinbase shares worth $246.7 million. In June, Coinbase started paying fees and started recruiting new users.

Coinbase Shares COIN

Then in July, Coinbase laid off 1,100 employees, or 18% of its workforce, as the crypto bear market continued to grip the company. At that time, Coinbase CEO Brian Armstrong said that a company post that the rapidly changing economic situation and the strength of the recession are factors in the decision to cut employees, explaining that the company must prepare for the worst.

Although its stock is low, Coinbase remains optimistic about the future, taking to Twitter last week to share an image of an innovation that many skeptics will succeed in, including smartphones , cars and elevators. “For every tech game changer, there are millions of naysayers. Cut out the noise and keep building,” the company tweeted.

Publicly traded bitcoin mining company Core Scientific also sees its shares falling in 2022. Shares of the company, CORZ, started the year at $10.06. As of December 1, 2022, the stock is trading at $0.22, a decline of 97%.

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