Coinbase slips more than 11% as bitcoin dives
— York, Cryptocurrency, Dives, Company, Weekendcrypto, Slips, Usage, Conditions, Wiped, Withdrawals, Coinbase, Market, Youtube, Bitcoin — 1 min read
Bitcoin is now trading at the lowest levels since December 2020, below $24,000. More than $200 billion has been wiped out of the cryptocurrency market since the start of the weekend. Coinbase makes a commission when people buy and sell cryptocurrencies. The company said Monday it's pausing all withdrawals, swaps and transfers between accounts due to "extreme market conditions" The company's stock is down 76% year to date, after first-quarter earnings in May showed revenue fell 27% year over year as usage declined. "We believe these market conditions are not permanent," the company said at the time. Source