Why Is Coinbase (COIN) Stock Trading Lower This Month?

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Shares of Coinbase (NASDAQ:COIN) are trading lower in June to reflect a bloodbath in the cryptocurrency market. Layoffs Needed to Mitigate Falling RevenuesEarlier this month, Coinbase announced it is planning to reduce 18% of its workforce or around 1,100 employees, making it the latest of several crypto exchanges that have cut jobs recently. Q1 2022 hedge fund letters, conferences and more The company, which currently has nearly 100 million users and $256 billion in assets on its platform, is looking to complete the layoffs by the end of this month. Coinbase will spend between $40 million and…

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