Shares of US cryptocurrency exchange Coinbase (COIN) fell 5% before trading after a disastrous promotional debut at the 2022 Super Bowl.
Data from Cointelegraph Markets Pro and TradingView showed that COIN is preparing to open at $194.53 ahead of Wall Street’s open on Monday.
Snowden: Coinbase is crumbling ‘too much of the internet’
The Super Bowl 2022 was an event that crypto investors will remember, as many of the biggest names on the exchange sent full announcements.
However, for Coinbase, the public quickly became angry when the platform’s website and app crashed after promising $15 in the ad itself.
Although the issues lasted less than an hour, Coinbase failed to avoid widespread ridicule on social media, some of which spread on its own.
The advertising price also created entertainment, which totaled over $15 million for a one-minute slot.
Edward Snowden tweeted: “Coinbase is spending $16 million on Superbowl ads to direct people to their website and $0 to ensure the website doesn’t get stuck for 10 seconds on the ad.”
The crash is not uncommon for the US giant, which has often made headlines due to systemic failures, often at critical times for Bitcoin price action, such as periods of sudden volatility when trading opportunities are most profitable.
However, the promotional approach was praised by many, as well as other members of FTX and Crypto.com.
1 day light chart of COIN/USD. Source: Trading View
Adds Dark BTC Pricing
The pressure on Coinbase stocks comes at an equally critical time for bitcoin traders when the two assets are clearly correlated.
On the subject: Two major indicators are casting doubt on the strength of the current recovery of the crypto market
The BTC/USD pair is down just under 1% in the 24 hours at the time of writing on Monday, part of a multi-day trend that could pave the way for a retest of the $40,000 support.
Hourly BTC/USD light chart (Bit Mark). Source: Trading View
If the goal of the Super Bowl is to attract retail customers, Coinbase announced last week that it is partnering with One River Digital Assessment Management to specifically offer a new platform to enterprises.
This segment of cryptocurrency investors is already preparing for a big comeback this year after the retail expansion in 2021.