The Coinbase app and website have been offline for less than an hour, but that's enough to bring in the well-known stock market spot.
U.S. cryptocurrency exchange Coinbase (COIN) has seen a 5 percent premarket plunge after a bumpy promotional debut at the 2022 Super Bowl.
Data from Cointelegraph Markets Pro and TradingView shows COIN opening at $194.53 ahead of Monday's Wall Street open.
Snowden: Coinbase slump "all the internet"
The 2022 Super Bowl was a memorable event for crypto investors. Some of the biggest names in the industry were allowed to show commercials.
However, at Coinbase, the publicity quickly reversed as the platform's website and app crashed because too many people were using them at once. A $15 bounty was advertised in the spot.
The problems were fixed in less than an hour, but people still teased Coinbase on social networks. Some of these taunts even went viral.
The price that the exchange paid for the commercial was also changed. She paid over $15 million for the one-minute commercial.
"Coinbase spends $16M on a Superbowl ad to drive people to their site, but $0 to ensure the site doesn't crash 10 seconds into the ad, the whole of the internet" , according to Edward Snowden on Twitter .
Such breakdowns are not uncommon for the US stock exchange. It has been in the headlines several times for system failures , which have often occurred at crucial times for Bitcoin's price, such as times of sudden volatility when trading is at its most lucrative.
However, many praised the commercial's approach. The FTX and Crypto.com advertisements were also praised.
BTC price action dampens sentiment
Coinbase's share decline coincides with a similarly awkward time for Bitcoin's price. That's because these two assets are clearly correlated.
BTC/USD is down nearly 1 percent in a 24-hour period at press time on Monday. This trend has been going for several days now and it could pave the way for a retest of $40,000 as support.
BTC/USD 1 hour candlestick chart (Bitstamp). Source: TradingView
The advertising at the Super Bowl was intended to attract private customers. On the other hand, Coinbase announced a partnership with One River Digital Assessment Management last week. As part of this, a new platform is to be set up, which is aimed specifically at institutions.
Institutional crypto investors are expected to make a big comeback this year after private traders took over in 2021.
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