The Dallas Mavericks owner invoked Berkshire Hathaway (NYSE: BRK-A) (NYSE: BRK-B) CEO Warren Buffett in an interview with Fortune. What Happened: Cuban, a known Dogecoin (CRYPTO: DOGE) and Ethereum (CRYPTO: ETH) bull, said, “In stocks and crypto, you will see companies that were sustained by cheap, easy money-but didn’t have valid business prospects-will disappear,” reported Fortune. “Shark Tank” fame investor Mark Cuban said some companies could face an existential crisis in the cryptocurrency downturn. Mark Cuban Reminded Of This Warren Buffett Quote As Crypto Winter Crushes Major Firms Benzinga does not provide investment advice. Read Next: Coinbase To Lay Off 8% Of India Team - But Makes This Key Top-Level Hire The investor would have gained nearly 607% on their Coinbase play and the $100 would turn into $506.98, should the stock regain its all-time high level. The company also said it would reduce staff by 18% amid the downturn in cryptocurrencies.ĭespite the headwinds, if an investor decided to put $100 into Coinbase stock on Thursday when the company’s shares closed 13.4% higher at $58.88, here’s how much they would have if the shares touched their all-time high of $357.39 hit on Nov. The agency noted “the rapid decline in crypto asset prices,” which accelerated during the second quarter of 2022 and will likely “result in lower transaction revenue for the remainder of the year, absent a significant sustained rebound in crypto asset prices and trading volumes.”Īlso on Thursday, Coinbase said it was planning to phase out its Coinbase Pro platform, targeted at more advanced traders, by the end of the year. Moody’s said Coinbase’s ratings were placed “under review” for further downgrade. Moody's Investors Service on Thursday downgraded Coinbase’s Corporate Family Rating to Ba3 from Ba2 and its guaranteed senior unsecured notes to Ba2 from Ba1. $100 Invested In Coinbase Today Will Fetch You This Much If It Hits All-Time High AgainĬoinbase Global Inc (NASDAQ: COIN) operates the largest spot exchange for cryptocurrencies such as Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) in the United States but it has recently faced headwinds amid a market slide.
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