Why Crypto and Coinbase Dropped on Thursday
A strong bull run that's lasted all week came to a screeching halt on Thursday as crypto values fell and pulled Coinbase Global (NASDAQ: COIN) down with them. Some of the move was simply trading volatility, while some was because of very real concerns about the health of the market.
Shares of Coinbase dropped as much as 6.6% today and were down 2.9% at 3 p.m. ET. Solana (CRYPTO: SOL) fell as much as 10.1% in the past 24 hours and is currently down 1.8%, while Cardano (CRYPTO: ADA) fell as much as 7.3% and is currently down 4.1%.
The biggest news out of crypto was Blockchain.com announcing it will cut staff by 25%. The company said it will close an office in Argentina, cancel expansion plans in other countries, and cut back institutional lending. It hasn't been widely reported, but Blockchain.com had lent $270 million to Three Arrows Capital, and when the company filed for bankruptcy, it exacerbated an already down market.
Source Fool.com
