Coinbase, the US crypto titan and first Crypto platform to be listed in Forbes 500, is facing the threat of bear in marketdown.

To Bears From Bulls
     Coinbase is the largest cryptocurrency exchange platform in the United States; it went public in April 2021, valued at more than $86 billion at the time, and is now nearly $11 billion. Coinbase's stock has plunged below $50, a new low, and is down 87 percent since its initial listing price of $382.

Cost-cutting Job-cuts
     The 5k employees strong Coinbase, on 15th June decided to cut 18% of its workforce that is more than 1k workers. According to CEO Brian Armstrong, the company "over-hired" in order to take advantage of the crypto market's prospects. After determining that labour costs were too high to successfully manage this unpredictable market, job layoffs were made. 

Thoughts
      When the market rises, it creates employment and income; when the market market drops, it has the opposite effect on opportunities. As a result of the crypto market's meltdown, the same thing is happening in crypto platforms.