Business News Asia
Today (May 19) the Bitcoin price is down 5.26% and is hovering at $28,891.34.
Bitcoin negative movement this morning came after the Dow Jones Wednesday (May 18), fell 1,164.52 points, the first sharp decline in four days.
- The Dow Jones Industrial Average fell 1,164.52 points, or 3.57%, to close at 31,490.07.
- The S&P 500 was down 165.17 points, or 4.04%, to close at 3,923.68.
- The Nasdaq fell 566.37 points, or 4.73%, to close at 11,418.15.
Movements in the Crypto Space
Coinbase, a cryptocurrency trading platform provider, has announced plans to slow down hiring and review the number of additional employees. This is in contrast to previous plans that the company had to triple its workforce by 2022.
Coinbase also reported a 27% year-over-year revenue decline in Q1. The company posted a net loss of $430 million. In addition, the number of monthly active users on the Coinbase platform dropped to 9.2 million in Q1, down from 11.4 million in Q4 2011.
Coinbase was hit hard after the price of Bitcoin and other cryptocurrencies fell in the past. As a result, Coinbase’s share price plummeted by 74%.
The move makes Coinbase the latest tech company to reduce its investment in labor. After Uber and Meta, Facebook’s parent company has taken the same action. Meanwhile, Robin Hood announced plans to cut about 9% of its workforce.
The Spot Market is Open
Thursday, May 19, 2022