Bitcoin $24k, Ethereum ‘Oversold’ And Coinbase Threatens Staff: ‘You Will Be Fired’

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Last Updated on 13 June 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Ethereum and other major crypto coins were in the red pretty much all weekend because the inflation numbers released on Friday in the US have spooked investors, who now fear stock markets to drop in the coming days as well. Bitcoin didn’t fare too well either and dropped 7% on Monday morning.

According to market commentator Scott Melker, this was the first time since 2018 that Ethereum looked “oversold”, according to its weekly relative strength index (RSI).

At the time of writing, Bitcoin traded at $24,000 and Ethereum changed hands for $1,200.

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Criticism over handling

Coinbase CEO Brian Armstrong, one of the most powerful men in the cryptoshere, this weekend launched an angry Twitter tirade when his management discovered that employees had launched a secret ballot asking for change at the top of the company. It comes as Coinbase stock is once again in the doldrums and the company faces increased criticism for how it handled the 2022 crypto downturn.

An online petition launched on 9 June stated that it was created by disgruntled Coinbase employees who said the company’s management team had, since the IPO introduction last year, made numerous mistakes and therefore demanded the exits of Chief Operating Officer Emilie Choi, Chief Product Officer Surojit Chatterjee and Chief People Officer L.J. Brock.

Leak stuff

CEO Brian Armstrong reacted furiously when he discovered the secret petition, threatening to fire those behind it. In a series of tweets, he stated:

First of all, if you want to do a vote of no confidence, you should do it on me and not blame the execs. Who do you think is running this company? I was a little offended not to be included 🙂

Armstrong admitted that:

There is probably lots we can be doing better, but if you’re at a place where you want to leak stuff externally then it’s time for you to go. You’re hurting yourself and those around you.

Coinbase had come under repeated criticism in the US as it had been made known that the company refused to take a stand either for or against the Black Lives Matter movement (during the George Floyd protests), that the management team created a toxic work environment and that the founders of the company enriched themselves when they sold $1.2 billion worth of shares during the first few months after the IPO (when the stock was trading in the $300 range).

At the time of writing, Coinbase is trading in the $50 range and warnings have surfaced that customers of the platform could lose their holdings if the company were to go bankrupt.

In the end, Armstrong warned the Coinbase employees who had organized the petition that “if you get caught you will be fired.”