Coinbase closed up 9% Monday morning as the value of bitcoin and ether rallied in overnight trading and the tech sector performs well.
than feared. That may be giving Coinbase shares some extra steam. Still, the company's stock is down 76% for the year and is off about 83% from its 52-week high on Nov. 9, 2021.from the company last month said the company is laying off 18% of its employees.
CEO Brian Armstrong also warned last quarter that the company grew "too quickly" during a bull marketto manage Coinbase's burn rate and increase efficiency. He also said that crypto winters may result in a decline in trading activity. "We appear to be entering a recession after a 10+ year economic boom. A recession could lead to another crypto winter, and could last for an extended period," Armstrong said in the email. "While it's hard to predict the economy or the markets, we always plan for the worst so we can operate the business through any environment."
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