Coinbase Made Some Pets.com-Level Mistakes

Crypto has long been sold as the tradition-busting future of finance, but its collapse is following a decades-old script.

Take Coinbase. The crypto exchange went public at $250 a share in April 2021, when Bitcoin was worth more than $63,000, near its all-time high. Now Bitcoin is flirting with $20,000, and Coinbase is trading at less than $50 a share. It’s also Coinbase-to-lay-off-18-of-workers-as-crypto-downturn-worsens?srnd=premium&sref=ZtdQlmKR itemprop=StoryLink itemscope=itemscope target=_blank>laying off 18% of its workforce, roughly the number of people it hired this year.