Yahoo Finance Live anchors Brad Smith, Brian Sozzi and Julie Hyman discuss the rise in stock for Coinbase after the cryptocurrency exchange announced plans to lay off 20% of its workforce in an effort

Coinbase cutting 20% of workforce

09:39am, Tuesday, 10'th Jan 2023
Coinbase is making another round of cuts in order to weather ongoing conditions that have impacted cryptocurrency markets. This time its cutting 20% of its workforce.
CNBC's Kate Rooney reports on news from Coinbase.
The cryptocurrency exchange is doing a second round of layoffs as its revenue collapses.
Eight U.S. companies have conducted major rounds of job cuts so far this month, as recession fears continue in the new year.
Amid the chaos that has engulfed the entire cryptocurrency industry, from which it has only recently started to recover, more trouble is ahead of the crypto trading platform Coinbase as its employees
Coinbase is cutting approximately 20% of its workforce, or about 950 jobs, in a second round of layoffs in less than a year.
Coinbase CEO Brian Armstrong blamed "unscrupulous actors" for the crypto market's brutal crash, a possible nod to FTX's Sam Bankman-Fried.
Coinbase Global said Tuesday that it would lay off 950 employees.
Coinbase Global Inc. stock COIN, +15.06% slid 2.8% in premarket trade Tuesday, after the crypto exchange said it's cutting 950 jobs in a cost-cutting effort required given the current gyrations in the
Coinbase plans to cut 950 jobs, or about 20% of its workforce, and shut down several projects as the U.S. crypto exchange giant looks to reduce its expenses to increase its “chances of doing well in
CEO Brian Armstrong pointed to more pressure on the crypto sector thanks to "unscrupulous actors in the industry."
Four analysts have slashed their price target for Coinbase stock since the beginning of 2023. But there is a recipe for recovery, say analysts at JMP Securities.
Traders are betting against beaten-down crypto stocks. But this crowded trade means near-term gains can be extended through a 'short squeeze.
The famed money manager sold Silvergate shares as the crypto-focused bank's stock plunged 43% on Thursday.
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