Coinbase shares hit an all-time low as the effects of FTX’s collapse continued.
Shares of the largest cryptocurrency exchange in the USA fell by about 8% to below $ 42.
Coinbase Shares Drop
Confidence in centralized cryptocurrency exchanges has plummeted after the rapid resolution of FTX.
Many investors started to transfer their assets to cold wallets after the victimization in FTX. The value of assets withdrawn from exchanges is expressed in billions of dollars.
Declining trust in exchanges has also negatively impacted native tokens. Binance’s token, BNB, dropped 4.13%, while Gemini’s GUSD fell 1.86%.
The crisis in the crypto industry caused Bitcoin to fall below $ 16,000 again. Similarly, Eth fell by 3.25%.
In its third-quarter balance sheet, Coinbase announced that spending fell from $1.8 billion to $1.1 billion.
With these events, exchanges continue to reduce the number of personnel. Exchanges such as Coinbase and Gemini have had to downsize and lay off many of their employees.
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