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Coinbase Stock Slips as Bitcoin and Dogecoin Continue to Drop (NASDAQ:COIN)

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Coinbase Global (NASDAQ: COIN) are stocks down 7.4% early afternoon on Friday, as Bitcoin (BTC-USD) is down 4.4% over the past 24 hours to trade at ~$28.8K.

On Tuesday, cryptocurrency exchange Coinbase (COIN) announced that this is the case Hiring slows as crypto markets plummet. Since then The Information reported that the company has imposed a hiring freeze, is pausing new projects, and plans to cut its cloud spend on Amazon Web Services (AMZN), among other cost-cutting measures, according to internal emails.

Just last week, Coinbase (COIN) CFO Alesia Haas told CNBC the company has navigated crypto cycles before, “and we’ve come out of it stronger and stronger.” Meanwhile, over the past year, COIN stock has fallen 72%, while Bitcoin (BTC-USD), the world’s largest cryptocurrency, has fallen 29% over the same period, as can be seen in this chart.

As for the crypto markets, bitcoin options (BTC-USD) activity suggests investors are increasingly bearish, with Bitcoin Open Interest put-call ratio hitting a 12-month high of 0 .72, CoinDesk reported, citing a note from research firm Delphi. The higher ratio suggests that investors could either be anticipating a drop in Bitcoin or hedging against a drop.

On Other Crypto Actions Ether (ETH-USD) -3.8% to ~$1.94k, Binance Coin (BNB-USD) -3.0%XRP (XRP USD) -3.5%Cardano (ADA USD) -5.0%and Dogecoin (DOGE-USD) -3.9%.

Terra (LUNA-USD), the token linked to USCoin (USDC-USD), -9.8%.

Earlier this week, the Terraform Labs legal team resigned following the collapse of UST and LUNA

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