Skip to main content

Coinbase stock falls 5 percent after Super Bowl ad: Bitcoin price falls in tandem



 The Coinbase app and website have been offline for less than an hour, but that's enough to bring in the well-known stock market spot.

U.S. cryptocurrency exchange Coinbase (COIN) has seen a 5 percent premarket plunge after a bumpy promotional debut at the 2022 Super Bowl.


Data from Cointelegraph Markets Pro and TradingView shows COIN opening at $194.53 ahead of Monday's Wall Street open.


Snowden: Coinbase slump "all the internet"

The 2022 Super Bowl was a memorable event for crypto investors. Some of the biggest names in the industry were allowed to show commercials.


However, at Coinbase, the publicity quickly reversed as the platform's website and app crashed because too many people were using them at once. A $15 bounty was advertised in the spot.



The problems were fixed in less than an hour, but people still teased Coinbase on social networks. Some of these taunts even went viral.


The price that the exchange paid for the commercial was also changed. She paid over $15 million for the one-minute commercial.


"Coinbase spends $16M on a Superbowl ad to drive people to their site, but $0 to ensure the site doesn't crash 10 seconds into the ad, the whole of the internet" , according to Edward Snowden on Twitter .


Such breakdowns are not uncommon for the US stock exchange. It has been in the headlines several times for system failures , which have often occurred at crucial times for Bitcoin's price, such as times of sudden volatility when trading is at its most lucrative.


However, many praised the commercial's approach. The FTX and Crypto.com advertisements were also praised.


BTC price action dampens sentiment

Coinbase's share decline coincides with a similarly awkward time for Bitcoin's price. That's because these two assets are clearly correlated.



BTC/USD is down nearly 1 percent in a 24-hour period at press time on Monday. This trend has been going for several days now and it could pave the way for a retest of $40,000 as support.



BTC/USD 1 hour candlestick chart (Bitstamp). Source: TradingView

The advertising at the Super Bowl was intended to attract private customers. On the other hand, Coinbase announced a partnership with One River Digital Assessment Management last week. As part of this, a new platform is to be set up, which is aimed specifically at institutions.


Institutional crypto investors are expected to make a big comeback this year after private traders took over in 2021.

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
Upland - Collect Digital Properties & Test Your Skills
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

The 5 largest platforms for non-fungible token (NFT) collectibles

  Since the beginning of 2021, non-fungible tokens (NFT) have had no holding back and the sector is setting new records almost every day.  More and more artists, stars and brands are realizing the potential - NFT are well on their way to catapulting the crypto space into the mainstream.  But which collectibles are currently the most popular? What are NFT? NFT are unique tokens that cannot be exchanged one-for-one for an equivalent token.  Any asset that is tokenizable can be an NFT.  This includes, for example, (digital) works of art, trading cards, game items and crypto domains.  Theoretically, however, real estate or securities can also be mapped as NFT. NFTs can be used to transparently map ownership structures on a public blockchain.  This allows them to store value just like real objects, even if additional copies are easy to make.  For example, the original picture of the Mona Lisa is significantly more valuable than a photo, as everyone kno...
11 comments
Read more

CARDALONIA: THE CARDANO METAVERSE OPENS THE GATES!

  Have you ever been to Cardalonia? With these words, the Cardano Metaverse called Cardalonia starts the gates. In this 3D world, developers and users can interact with each other. First of all, users have to create an individual character with which they can move online. After that you can enter one of the worlds built by developers with this character. You can also purchase your own land in the Cardano Metaverse via the marketplaces in Cardalonia . This is secured by Cardano's blockchain technology and therefore offers a relatively secure transfer of ownership. Since these are only digital plots of land, it is not yet entirely clear when the plots of land are purchased whether they can also be sold again in the future. A possible profit cannot be estimated at the moment. In Cardalonia, the cryptocurrency Lonia is used. The maximum amount of tokens in circulation is 100,000,000. The team consists of Alice Sand (Co-Founder), Vasil Air (CTO) and Dustan Water (Fullstack Developer). T...
Post a Comment
Read more

Cardano: This is the vision that founder Charles Hoskinson has

  The Altcoin Cardano has tended to decline in recent weeks.  The Alonzo upgrade was supposed to bring improvements, but it soon turned out to be a disappointment.  Cardano founder Charles Hoskinson presented his vision for the cyber motto in a live Twitter video. • Cardano in the last few months under pressure • Charles Hoskinson explains his Cardano vision via Twitter • Security and privacy at the center The cryptocurrency  Cardano  has had a difficult few months.  While founder Charles Hoskinson's cyber motto has had a strong run in 2021, it has been steadily downhill in recent months.  Cardano is faced with some difficulties.  The so-called Alonzo upgrade went live in mid-September, for which crypto fans had high hopes, but which soon turned out to be a disappointment.  The upgrade should make it possible to use smart contracts on the cryptocurrency as well.  It soon turned out, however, that although these were entered into Cardano,...
Post a Comment
Read more