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Coinbase Shares Drop 5% Ahead Of Wall Street As Bitcoin Price Dip Adds To Super Bowl Misery

United States cryptocurrency exchange Coinbase (COIN) has seen its shares plunge 5% before trading after a disastrous advertising debut at the 2022 Super Bowl. Data from Cointelegraph Markets Pro and TradingView showed that COIN was preparing to open at $ 194.53 before the opening of Wall Street on Monday. : Coinbase Crashes “So Bad Internet” The 2022 Super Bowl was an event to remember for crypto investors, with some of the biggest names in the exchange industry broadcasting full ad pitch. However, for Coinbase, the publicity quickly turned sour as the platform’s website and app both crashed after promises of a $15 giveaway in the ad itself. @coinbase just saw more traffic than we’ve ever encountered, but our teams came together and only had to throttle the traffic for a few minutes. We are now back and ready for you at Humiliated to have witnessed this. #WAGMI— Surojit (@surojit) Feb 14, 2022 Although the issues lasted for less than an hour, Coinbase did not escape widespread social media gossip, some of which went viral on their own. The ad’s price tag also provided entertainment. $15 million for the one minute slot. “Coinbase spending $16,000,000 on a Superbowl ad to drive people to their website and $0 to make sure the website doesn’t crash 10 seconds after the ad is launched is so bad internet,” Edward Snowden said. The accident is far from rare for the US giant, which has made headlines all too often due to system outages, often at crucial moments for Bitcoin price action, such as periods of sudden volatility when trading opportunities are most lucrative. However, many praised the ad’s approach along with that of fellow participants FTX and 1-day candlestick chart. Source: TradingViewBTC Price Action Adds Gloom Coinbase’s stock shortage comes at an equally uneasy time for Bitcoin traders, with the two assets clearly correlated. Related: 2 key indicators cast doubt on the strength of the crypto market’s current recovery BTC/USD fell just under 1% in 24 hours at the time of writing Monday, part of a multi-day trend that could pave the way for a retest of $40,000 as support.BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView If the Super Bowl stunt was intended to lure retail customers, Coinbase announced last week that it is partnering with One River Digital Assessment Management to provide a new platform aimed specifically at institutions. That sector of crypto investors is already tipped to make a big comeback this year, after its retail prevalence in 2021.
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