Coinbase CFO Says Crypto Faces Macro Headwinds

Coinbase (COIN.US) CFO Alesia Haas said Wednesday that the crypto market is facing macroeconomic headwinds like rate hike and soaring inflation, though “we see lots of tailwinds” unfolding.
Haas pointed out that bitcoin now is down about 50% from its peak on November 2021 but it came as no surprise as this size of contraction has already happened 4 times since Bitcoin came to market in 2009.
“The front key difference that we have not seen before is the broader macro environment. So, this is the first broader macro change since crypto was adopted, meaning we now have high interest rates, higher inflation. And so, while those may be headwinds, at the same time we see lots of tailwinds, which there are millions of crypto users, we’ve seen broad institutional adoption since the last crypto price cycle,” Hass explained.
“So, we have positives and we have negatives, and it’s a little unpredictable to say the least,” she added.
At the time of writing, bitcoin rose 2.31% to $30580.40 and Ethereum rose 2.15% to $1820.00. The weak performance of the crypto market in recent months might suggest that the market has entered crypto winter. Coinbase announced last Thursday that the company will extend its hiring freeze for the “foreseeable future” and will also be pulling some accepted job offers. Besides, billionaire Cameron Winklevoss and Tyler Winklevoss are for the first time laying off 10% of the workforce at their crypto firm Gemini Trust. Rain Financial, one of the largest crypto exchanges in Middle East has said they have already laid off dozens of employees.