Coinbase stock falls 5% pre-Wall Street as Bitcoin price dip adds to Super Bowl woes

The shares of the United States-based exchange fell 5% before the market opened after an abysmal advertising debut at the Super Bowl.

COIN was ready to open at $194.53 on Monday, according to data from Cointelegraph Markets Pro.

The Coinbase crash is very internet.

Several of the exchange industry's biggest names aired full-scale ad pitches at the Super Bowl, which was an event to remember.

The platform's website and app crashed after an ad promised a $15 prize.

We saw more traffic than we have before, but our teams pulled together and only had to stop traffic for a few minutes. We are back and ready for you. I was witness to this.
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February 14, 2022.

The problems lasted for under an hour, but they did not escape widespread social media jibes.

The ad cost over 15 million dollars for a single minute.

A Superbowl ad spending $16,000,000 to direct people to their website and $0 to make sure that website doesn't crash 10 seconds after the ad starts is very internet.

The U.S. giant has made the headlines for system failures and periods of sudden volatility when trading opportunities are most lucrative.

The ad was praised by many, along with those of fellow participants FTX and Crypto.com.

The candle chart shows COIN/USD. The Trading View is a source.

The price action adds to the gloom.

The stock squeeze comes at a time when the two assets are clearly correlated.

There are two key indicators that cast doubt on the strength of the current market recovery.

A multi-day trend that could be paving the way for a retest of $40,000 as support was the reason for the 1% decline in 24 hours.

The 1-hour candle chart is for BTC/USD. The Trading View is a source.

If the Super Bowl stunt was meant to lure retail clients, then it was because of the partnership with One River Digital Assessment Management.

This year is predicted to be a big comeback for that sector of investors.

Source: cointelegraph.com