Coinbase Stock Plunges After Super Bowl Promotion Failed

 

Coinbase stock falls 5% ahead of Wall Street opening after Super Bowl promotion was far from a success.

Coinbase failure

U.S. cryptocurrency exchange Coinbase (COIN) stock has seen a 5% premarket pullback after a disastrous promotional debut at the 2022 Super Bowl.

The 2022 Super Bowl was a memorable event for crypto investors, with extensive promotional efforts by several big names in the stock exchange industry

For Coinbase, however, the promotion was a flop as both the platform's website and app crashed after the ad itself promised a $15 giveaway.

While the troubles lasted barely an hour, Coinbase's failure nevertheless became a huge topic on social media platforms.

The ad's price tag also drew amusement, coming in at over $15 million for the one-minute slot.

Edward Snowden also responded to the incident on Twitter:

“Coinbase spends $16,000,000 on a Super Bowl ad to drive people to their site and spends zero to ensure the site doesn't crash 10 seconds into the ad. It's so typical of the Internet."

The mishap is far from uncommon at Coinbase, which has too often grabbed the headlines for system failures, often during crucial bitcoin price movements.

However, many praised the ad's approach, along with those of other exchanges such as FTX and Crypto.com.

Coinbase's stock fall comes at an awkward time for Bitcoin traders, with BTC and stocks clearly correlated.

BTCUSD was down 1% in 24 hours but has managed to hold above USD 40,000.

As the Super Bowl looked to attract new retail customers, Coinbase announced last week that it was partnering with One River Digital Assessment Management to deliver a new platform specifically geared towards institutions.

Many analysts and traders anticipate that the crypto investor sector will make a major comeback this year after a huge success in 2021 for retail.

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
Upland - Collect Digital Properties & Test Your Skills
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, USDT, FEY, 25 Claims Daily