COIN - Why Crypto and Coinbase Dropped on Thursday
A strong bull run that's lasted all week came to a screeching halt on Thursday as crypto values fell and pulled Coinbase Global (NASDAQ: COIN) down with them. Some of the move was simply trading volatility, while some was because of very real concerns about the health of the market .
Shares of Coinbase dropped as much as 6.6% today and were down 2.9% at 3 p.m. ET. Solana (CRYPTO: SOL) fell as much as 10.1% in the past 24 hours and is currently down 1.8%, while Cardano (CRYPTO: ADA) fell as much as 7.3% and is currently down 4.1%.
The biggest news out of crypto was Blockchain.com announcing it will cut staff by 25%. The company said it will close an office in Argentina, cancel expansion plans in other countries, and cut back institutional lending. It hasn't been widely reported, but Blockchain.com had lent $270 million to Three Arrows Capital, and when the company filed for bankruptcy, it exacerbated an already down market.
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Why Crypto and Coinbase Dropped on Thursday