One of the top crypto exchanges, Coinbase, declared that the state of the market had forced it to cease operations in Japan.
Customers have till February 16 to withdraw their cash and cryptocurrency holdings from the exchange. More crucially, on January 20, all transactions will be stopped.
A Serious Crypto Winter Hits Coinbase
After completing its registration with the country’s FSA in June 2021, cryptocurrency exchange Coinbase decided to stop operating in Japan. Company shut down operations in Japan as its rival Kraken did at the end of the year.
The crypto winter has severely hurt the cryptocurrency sector, forcing businesses to adjust to the challenging circumstances. Coinbase recently cut 950 jobs (20% of workforce) as part of restructuring efforts. After cutting its employees, there were numerous reports that Coinbase might shut down its operations in Japan.
Additionally, exchanges like Coinbase and Kraken may withdraw or reduce operations in specific markets, as they have done in Japan.
COIN stock is down 1.61% to $53.93 before the market opens, despite the stock rally of 56% at the start of the year for the exchange.
Furthermore, technically speaking, COIN’s four-hour chart shows that it is about to break out of a collapsing wedge. 80% upward movement above $90 might be sparked by a persistent closing above the $58 support line.
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However, failure to break through this crucial supply wall may result in a profit-taking surge that sends prices plummeting below the wedge’s lower border at about $30.