Coinbase Recorded The Biggest Loss In History. Are Bitcoin and Ethereum Going Down?

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It has not been the best year for crypto, and it most certainly has not been an easy one for Coinbase. At the beginning of 2022, the second largest centralized exchange worldwide had to ban more than 30.000 wallets somehow connected to Russian accounts. What started as a noble endeavour to fight money laundering and bypass economic sanctions imposed on Russia by the Western World resulted in a somewhat different outcome.

To make things even worse, a few days ago, Coinbase was hit by another class action lawsuit following SEC allegations. Henry Gensler, the head of SEC, has been hustling the company for any user who bought Coinbase securities in the past year and a half. The SEC has been notoriously meticulous when it comes to taking crypto companies down, and at the time of writing, things do not look too good for Coinbase.

On the back of this news, it is almost impossible not to ponder whether this is a sign of an existential threat the crypto industry has faced. This becomes especially apparent if we consider the fact that the third largest crypto asset, Terra, by market capitalization, has reduced to atoms in a matter of days. Join me in this editorial to see whether the same fate awaits Ethereum and Bitcoin. Let's dive in.

Although it is tempting to paint the current situation as dreadful and hopeless, as always with crypto, nothing is set in stone. Well, not entirely, as Bitcoin's value proposition is something that comes close to scripture or a holy grail. The elegance behind its design is what makes someone like Jack Dorsey believe in Bitcoin (BTC)  as the only viable future for crypto.

Twitter's founder assumed