Coinbase to lay off 20% of staff as crypto winter continues | CNN Business

Coinbase, like many other publicly traded and privately held crypto companies, has been hit hard by the massive plunge in the price of bitcoin and other cryptocurrencies. The price of bitcoin is hovering around $17,000 after peaking near $65,000 in late 2021. Some crypto fans have been encouraged by the solid start for bitcoin so far in 2023. Bitcoin is up more than 4% since the start of the year, suggesting that crypto prices may have finally bottomed out.

The stock did rise 4% Tuesday after the layoffs were announced. Coinbase is now up nearly 13% so far in 2023. Coinbase CEO Brian Armstrong stressed in a blog post Tuesday that the company “is well capitalized, and crypto isn’t going anywhere.” But Armstrong added that layoffs were necessary because “we need to make sure we have the appropriate operational efficiency to weather downturns in the crypto market, and capture opportunities that may emerge.

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