<br><div id="RegularArticle-ArticleBody-5" data-module="ArticleBody" data-test="articleBody-2" data-analytics="RegularArticle-articleBody-5-2"><span class="HighlightShare-hidden" style="top:0;left:0"/><div class="InlineImage-imageEmbed" id="ArticleBody-InlineImage-107101290" data-test="InlineImage"><div class="InlineImage-wrapper"><div><p>Brian Armstrong, CEO and Co-Founder, Coinbase, speaks through the Milken Institute World Convention on Could 2, 2022. in Beverly Hills, California.</p><p>Patrick T. Fallon | AFP | Getty Photographs</p></div></div></div><div class="group"><p><span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-1"><a target="_blank" href="https://news.google.com/quotes/COIN/" rel="noopener">Coinbase</a><span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span> shares closed down greater than 8% Monday, extending a slide that is pushed the crypto change to its lowest level since its market debut in April 2021. The drop comes as <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-2"><a target="_blank" href="https://news.google.com/quotes/BTC.CB=/" rel="noopener">bitcoin's</a><span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span> droop continues and traders fear about contagion from FTX's <a target="_blank" href="https://www.cnbc.com/2022/11/11/sam-bankman-frieds-cryptocurrency-exchange-ftx-files-for-bankruptcy.html" rel="noopener">spectacular collapse</a> earlier this month.</p><p>Nineteen months after going public with a market cap of over $85 billion, Coinbase has fallen under the $10 billion mark and has misplaced over 1 / 4 of its worth previously 4 buying and selling classes.</p><p>Questions have been swirling in regards to the <a target="_blank" href="https://www.cnbc.com/2022/11/15/cryptocom-customers-worry-it-could-follow-ftx-ceo-reassures-them.html?&amp;amp;qsearchterm=crypto.com" rel="noopener">health of FTX's rival exchanges</a>, sparking industrywide sell-offs which have triggered some firms to <a target="_blank" href="https://www.cnbc.com/2022/11/16/genesis-lending-unit-halts-withdrawals-in-aftermath-of-ftx-collapse.html" rel="noopener">temporarily suspend</a> buying and selling, and others to arrange potential <a target="_blank" href="https://www.cnbc.com/2022/11/16/genesis-lending-unit-halts-withdrawals-in-aftermath-of-ftx-collapse.html" rel="noopener">bankruptcy filings</a>. Mizuho analysts wrote in a word on Friday that each day volumes within the business are trending 30% to 40% under their common for the yr.</p><p>Coinbase CEO Brian Armstrong stated in an <a target="_blank" href="https://www.cnbc.com/2022/11/11/op-ed-crypto-markets-need-regulation-to-avoid-ftx-type-situations.html?&amp;amp;qsearchterm=coinbase" rel="noopener">op-ed for CNBC</a> on Nov. 11 that his firm doesn't have "any materials publicity to FTX," however that he has "sympathy for everybody concerned." Coinbase shares are down greater than 83% yr to this point.</p><p>"It is disturbing any time there may be potential for buyer loss in our business, and lots of people are dropping some huge cash on account of FTX's struggles," Armstrong stated.</p><p>Financial institution of America <a target="_blank" href="https://www.cnbc.com/2022/11/18/bank-of-america-downgrades-coinbase-says-ftx-collapse-raises-contagion-risk-for-crypto-platform.html?&amp;amp;qsearchterm=coinbase" rel="noopener">downgraded Coinbase on Friday</a>, citing "contagion danger" for the cryptocurrency change platform, even when it isn't "one other FTX."</p><p>"That doesn't make them immune from the broader fallout inside the crypto ecosystem," wrote Financial institution of America's Jason Kupferberg.</p><p>Previous to FTX's descent, the market was within the midst of a crypto winter that had despatched costs of bitcoin and <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-9"><a target="_blank" href="https://news.google.com/quotes/ETH.CM=/" rel="noopener">ethereum</a><span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span> tumbling and compelled quite a few companies into chapter 11. Earlier this month, Coinbase reported a <a target="_blank" href="https://www.cnbc.com/2022/11/03/coinbase-coin-earnings-q3-2022.html" rel="noopener">revenue plunge</a> of greater than 50% within the third quarter from a yr earlier, and a lack of $545 million. In June, the crypto change <a target="_blank" href="https://www.cnbc.com/2022/06/14/coinbase-lays-off-18percent-as-execs-prepare-for-recession-crypto-winter.html" rel="noopener">slashed 18%</a> of its workforce.</p><p>The next sell-off has been much more excessive, with bitcoin falling greater than 3% on Monday to its lowest degree in over two years, and ethereum off over 6%. Solana, a coin that was touted and backed by FTX founder Sam Bankman-Fried, has misplaced over two-thirds of its worth in two weeks.</p><p><a target="_blank" href="https://www.cnbc.com/2022/11/11/crypto-peaked-in-nov-2021-investors-lost-more-than-2-trillion-since.html" rel="noopener">In a matter of days</a>, FTX went from a $32 billion valuation to chapter as liquidity dried up, clients demanded withdrawals and rival change Binance ripped up its <a target="_blank" href="https://www.bing.com/ck/a?!&amp;amp;amp;amp;amp;&amp;amp;amp;amp;amp;p=8d664294f56f0ab5JmltdHM9MTY2ODAzODQwMCZpZ3VpZD0zNDcwMjdjMi0xZjgwLTZhNGYtMWRmNS0zN2M2MWVhNzZiOWYmaW5zaWQ9NTQ0Nw&amp;amp;amp;amp;amp;ptn=3&amp;amp;amp;amp;amp;hsh=3&amp;amp;amp;amp;amp;fclid=347027c2-1f80-6a4f-1df5-37c61ea76b9f&amp;amp;amp;amp;amp;psq=cnbc+binance+ftx&amp;amp;amp;amp;amp;u=a1aHR0cHM6Ly93d3cuY25iYy5jb20vMjAyMi8xMS8wOC9iaW5hbmNlLW9mZmVycy10by1idXktZnR4cy1ub24tdXMtb3BlcmF0aW9ucy10by1maXgtbGlxdWlkaXR5LWNydW5jaC5odG1s&amp;amp;amp;amp;amp;ntb=1" rel="noopener">nonbinding agreement</a> to purchase the corporate. FTX filed for <a target="_blank" href="https://www.cnbc.com/2022/11/11/sam-bankman-frieds-cryptocurrency-exchange-ftx-files-for-bankruptcy.html" rel="noopener">Chapter 11 bankruptcy protection</a> Nov. 11.</p><p>Bankman-Fried stated the corporate's property had been "high quality" two days earlier than he was determined for a rescue. He has since stated in tweets that he is attempting to get well deposits for the corporate's clients.</p><p><strong>WATCH:</strong> <a target="_blank" href="https://www.cnbc.com/video/2022/11/14/watch-cnbcs-full-interview-with-coinbase-ceo-brian-armstrong-on-the-ftx-fallout.html" rel="noopener">CNBC's full interview with Coinbase CEO Brian Armstrong</a></p></div><div role="button" tabindex="0" id="Placeholder-ArticleBody-Video-107151191" class="PlaceHolder-wrapper" data-vilynx-id="7000272946" data-test="VideoPlaceHolder"><div class="InlineVideo-videoEmbed" id="InlineVideo-0" data-test="InlineVideo"><div class="InlineVideo-wrapper"><div class="InlineVideo-inlineThumbnailContainer"><img class="InlineVideo-videoThumbnail" src="https://image.cnbcfm.com/api/v1/image/107151192-16684366521668436646-26579255563-1080pnbcnews.jpg?v=1668445810&amp;w=750&amp;h=422&amp;vtcrop=y" alt="Watch CNBC's full interview with Coinbase CEO Brian Armstrong on the FTX fallout"/></div></div></div></div></div>