For a few months now, we’ve heard news of crashes and bankruptcies in the crypto market. In addition, the events in the bear market negatively affected the companies. Many mining companies, stock exchange companies are going through hard times. During this time, some experts began to talk about the collapse of the American-based Coinbase company.
Business Insider reports that Coinbase has temporarily closed its affiliate marketing program in the US. According to an email to the three creators, the crypto exchange will suspend its program from July 19, citing current market conditions and the unfavorable outlook for the crypto industry.
America-based crypto exchange company Coinbase has suspended its affiliate programs, citing market conditions. Coinbase’s share prices have dropped nearly 85% from the all-time high of $357 to the current $53.79. In a letter to shareholders, the company reported that its first fiscal quarter results were directly affected by market volatility. They reported a financial loss of $430 million in the first quarter of 2022.
Coinbase CEO explained: Ben Armstrong, a major crypto influencer and creator of Bitboy Crypto, warned his followers that Coinbase could be in bankruptcy in recent history. Mike Dudas, co-founder of 6th Man Ventures, described the crypto exchange’s NFT platform as a failed launch.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.
