700 Jobs Gone: Coinbase’s Brutal Cuts Signal Something Is Wrong With The Crypto Market

Coinbase CEO Brian Armstrong announced on Tuesday, May 5, that the company will reduce its workforce by approximately 14% — a move Armstrong described as “sudden and harsh” but necessary to position the exchange for what he called a new phase of AI-driven operations. Related Reading: Why is Crypto Up Today? Bitcoin Price Faces ‘Real Test’ At This Key Level In a post on X shared with employees, Armstrong outlined two converging forces behind the decision: the persistent volatility of crypto marke