Crypto- Ice Age Will Persist Into Late 2023…

It would seem that Coinbase’s CEO Armstrong is right about one thing: the Ice Age is far from over. Maybe late 2023, now.

Coinbase is completely revamping its fee model, knowing that the days of $300 per trade are gone. . . forever. It will now charge all users a tiered monthly subscription fee. [On the NASDAQ, Coinbase stock is down over 80 per cent since the November 2021 highs, in both its stock and Bitcoin broadly.]

This is particularly ominous news for Riot Blockchain, as trading churn is most of what drove prior Bitcoin price rallies. Now, these customers will have a real incentive against day trading, to keep fees manageable.

So. . . in the coming weeks, look for Riot to cut staff, mothball the second Texas facility buildout. . . and increase the prices it charges for hosting. All to conserve capital and cash.

Even so, it won’t be. . . enough. Down she goes. . . with a Bart Simpson haircut pattern (trading ranges saw-toothing). Grin.

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