Coinbase Stock Dives 5% Amid Bitcoin Price Fall and Super Bowl Ad Glitch
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- Ad promised a $15 giveaway and the platform’s website and app both crashed.
- The commercial’s approach was applauded by FTX and Crypto.com.
After a disastrous Super Bowl 2022 commercial debut, shares of Coinbase, a U.S. cryptocurrency exchange, have dropped by 5% pre-trading. Some of the largest brands in the cryptocurrency exchange sector put on full-scale marketing pitches during the Super Bowl 2022. Coinbase, on the other hand, quickly lost its luster after the ad promised a $15 giveaway and the platform’s website and app both crashed.
$15 Million Price Tag
Even though the outage only lasted a few minutes, Coinbase was the subject of several online jokes, some of which became viral. The ad’s $15 million price tag for a single minute of airtime was also a source of amusement.
Edward Snowden wrote on Twitter:
“Coinbase spending $16,000,000 on a Superbowl ad to direct people to their website and $0 to make sure that website doesn’t crash 10 seconds after the ad starts is so very internet.”
U.S. giant, which has made headlines all too frequently for system breakdowns, sometimes at vital moments for Bitcoin price movement such as periods of abrupt volatility when trading opportunities are most profitable, is far from a rare occurrence. However, the commercial’s approach was applauded by FTX and Crypto.com, two other participants in the marketing campaign.
With Bitcoin and Coinbase intertwined, Coinbase’s stock pressure comes at a time when Bitcoin traders are likely to feel the same way. On Monday, BTC/USD was down less than 1% in the previous 24 hours, part of a longer-term trend that might pave the way for another test of $40,000 as support.
Cryptocurrency
