Coinbase CEP Hits Out
Shares in US crypto-broke Coinbase are heading lower once again this week. The company’s stock has bene in freefall this year amidst the broader rout in tech stocks as well as the specific losses suffered in the crypto space which have seen a high level of clients exiting coinbase. The company recently reported worse-than-expected Q1 earnings, fuelled in large part by the dismal performance in cryptos this year.
As a result of recent poor performance, Coinbase recently announced it would be extending its pause on hiring for new and backfill positions. This week, Coinbase founder and CEO Brian Armstrong has drawn fresh scorn over a tweet sent out, aimed at Coinbase employees, which told them to leave and find a company they believe in if they were not happy.
Coinbase employees have now started an online petition to file a vote of no confidence against several high-ranking CEO executives, calling for their removal. With the company culture in clear disarray and with the crypto space taking a fresh plunge lower this week following strong US CPI last week, near-term expectations are poor for Coinbase.
Technical Views
Coinbase
The recent bounce off the 49.52 lows saw Coinbase fail to even make it as high as a test of the bear channel top. With price recently coming back under pressure, the focus is now on a break of the current lows and a continuation of the bear channel. A break through lows should see momentum studies flipping bearish, adding further pressure.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.