Coinbase surges 6.0% as company plans another round of layoffs

Coinbase (COIN.US) stock jumped more than 6.0% on Tuesday after the cryptocurrency exchange announced plans to lay-off 950 employees or 20.0% of its workforce as part of a restructuring plan. Company laid off 18% of its workforce in June as a sell-off on the crypto market weighed on its shares.

CEO Brian Armstrong pointed to ongoing pressure on digital assets thanks to “unscrupulous actors in the industry,” referring to bankrupt exchange FTX and its founder, Sam Bankman-Fried, at the same believes that "recent events will ultimately end up benefiting Coinbase greatly.

Armstrong emphasized that the company is “well capitalized,” and crypto “isn't going anywhere,” but needs to cut jobs in order to keep the “appropriate operational efficiency.” Coinbase will also shut down several projects, however no further details were provided.

Coinbase (COIN.US) stock fell over 87.0% in 2022 as cryptocurrencies were the worst performing asset class during this time period. Nevertheless, buyers seem to take initiative at the beginning of the new year. Last week price bounced off the all-time low at $31.60 and broke above the downward trendline. Currently the price is testing 100 EMA (purple line) and if bulls manage to break higher, the road towards major resistance at $50.20 will be open. Source: xStation5

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