Coinbase Global Inc's revenue is set to reduce by half this year, the cryptocurrency exchange tweeted on Wednesday, as digital assets reel from a sector-wide rout worsened by a string of high-profile collapses that shattered investor confidence.
revenue is set to reduce by half this year, the cryptocurrency exchange tweeted on Wednesday, as digital assets reel from a sector-wide rout worsened by a string of high-profile collapses that shattered investor confidence.
" indicated that he expects Coinbase FY2022 revenue to be less than half of FY2021 revenue,” the company said in a tweet.Cryptocurrencies wiped away nearly $2 trillion from the sector as higher interest rates and exacerbating worries of an economic downturn cratered prices that eliminated key players such as Voyager Digital, Three Arrows Capital and Celsius Network.protection.
Analysts expect Coinbase's revenue to plunge 75% to $621.5 million in the fourth quarter, according to data from Refinitiv. Its shares have wiped away over 80% so far this year.Our Standards:
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