“Crisis On The Horizon” – Leak reveals ‘Major’ Coinbase red flag amid wild Bitcoin, Ethereum and Crypto exchange rate fluctuations
Bitcoin
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The Bitcoin price yesterday came within a touch distance of $ 23,000 per bitcoin, the highest since bitcoin took a big step down in June. The Ethereum price has meanwhile risen as traders betting hype around the long-awaited upgrade, now introduced in September, will drive the price higher.
Now, after JPMorgan last week unveiled a $ 160 billion bitcoin price bomb, Coinbase has leaked
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Coinbase CEO Brian Armstrong has been forced to make some tough decisions … [+]
“We are sorry to have to inform you that Coinbase will temporarily shut down its affiliate program in the US with an effective date of Tuesday, July 19,” the emails leaked to Insiderles.
“This has not been an easy decision, nor was it taken lightly, but due to cryptocurrency market conditions and the outlook for the rest of 2022, Coinbase is unable to continue to support incentivized traffic to its platform.”
Coinbase’s decision, which comes amid a share price decline that has wiped out 80% of the company’s value since it debuted on Nasdaq just over a year ago, is the latest setback for the burgeoning crypto industry that has been hit hard by the $ 2 trillion crypto market crash. . . In recent weeks, cryptocurrency lender Celsius, broker Voyager Digital and hedge fund Three Arrows Capital have been thrown into bankruptcy, sending shockwaves through the sector.
“Coinbase has just shut down the entire affiliate program,” said Nate O’Brien, an investor in Roadrunner Ventures. posted to Twitter. “This is a big red flag. I fear a liquidity crisis is on the horizon.”
In a comment to InsiderCoinbase tried to reassure the market, saying that the “temporary pause in the program in no way indicates a liquidity problem.”
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The Bitcoin price has climbed sharply over $ 20,000 per bitcoin in the last week, which has helped … [+]
Last month, Coinbase’s controversial CEO Brian Armstrong announced that the stock exchange laid off nearly 20% of employees, warning that the company had grown too fast below last year’s price.
Coinbase’s affiliate program, launched in 2019, allows approved influencers to earn commissions from the people they lead to the stock market. But, Insider previously reported that the affiliate program had cut prices in recent months as the bitcoin and cryptocurrency crash accelerated with some influencers saying the declines had already forced them to give up the program.
