And it’s not over. On Tuesday, Coinbase Global announced plans to cut around 1,100 jobs, or about 18% of the global workforce, as part of a restructuring to help manage operating expenses in response to current market conditions.
The news followed Monday’s news from cryptocurrency lender Celsius, which told customers that they are temporarily unable to withdraw money from the platform.
Despite all this, there are still buyers, said BofA.
“Despite the sharp correction in cryptocurrencies, consumer interest in the sector remains strong,” BofA analysts said in the report.