Crypto is in a bad way.
Bitcoin and ether, the two biggest cryptocurrencies, are down over 50% since the year began.
It’s not only crypto traders who are feeling the pain; crypto exchanges are too.
When the quarter began, on April 1, bitcoin was at $46,000 and ether at $3,450.
Coinbase is an exchange where crypto investors can buy and trade over 50 different cryptocurrencies.
Coinbase is one of the few crypto companies that’s publicly traded having gonepublic in April 2021.
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It’s a sharp reversal from the same quarter last year.
The company largely blamed the loss onmacroeconomic conditions which sparked a wider crypto downturn.
With crypto being among the most speculative of assets, the valuation drops have been especially precipitous.
