Despite the awkward situation and poor performance in 2022, Coinbase is confident that 2023 will be better.
Crypto company Coinbase (NASDAQ):
COIN) is bullish for 2023 despite recording an 85.88% decline, the lowest ever since last year’s IPO. On this day last year, the company was trading at $268.15, ahead of the crypto winter that affected many. It has accumulated so many losses that it is currently selling for $35. 2023 has been a tough year for cryptocurrencies, with many layoffs, including Coinbase, resulting in several crypto companies gaining a share.
Excluding a year of losses, Coinbase is also down more than 86% year-to-date. The company has fallen 48.30% over the past three months and 23.26% last month. Over the past 5 days, COIN has lost almost 13%. Despite her Coinbase’s poor performance over the past year, Ark Invest Chief Investment Officer and Portfolio Her Manager, Cathie Wood, has purchased an additional 296,578 shares of her Coinbase worth $11.9 million. did. With the latest purchase, the mutual fund owns her 6,139,480 coinbase worth about $215 million at current trading prices.
Coinbase put a hiring freeze and withdrew its hiring of new employees before laying off its 1,100 employees in July. According to CEO Brian Armstrong, the company had to lay off workers due to changing economic conditions and a possible recession. Armstrong said Coinbase is preparing for the worst.
Coinbase is positive for 2023
Despite the awkward situation and his poor performance in 2022, Coinbase is confident that 2023 will be even better. He mentioned the development of telephones, planes, elevators, and automobiles. Against the backdrop of Winter 2022 cryptocurrencies, Coinbase has announced three key themes that we expect will prevail in 2023.
The company highlighted the points in its 2023 crypto market outlook released on December 20. The company believes that ecosystem maturity, relative market liquidity, and sustainable tokenomics will result in digital asset selection concentrating on top cryptos such as Bitcoin and Ethereum. Also, the poor performance of cryptocurrencies this year may keep investors away from altcoins and it may take months to regain their attention.
created a regulatory framework to “Looking ahead, we believe that the development of the crypto ecosystem will bring topics such as tokenization, permissioned DeFi, and Web3 to the fore while keeping Bitcoin’s core investment themes intact. , Ethereum seems to outperform its peers at layer 1 in terms of network activity, and other non-art alternatives, such as using NFTs to authenticate and authenticate real-world assets, or using them as ENS domain names We see a variety of use cases for impossible tokens. Stablecoins are not one of the largest sectors of the cryptocurrency ecosystem playing a special role in storing and transferring wealth.”