The market capitalization of encrypted currency trading platform Coinbase fell below $10 billion for the first time.

CTOnews.com November 22 news, cryptocurrency trading platform Coinbase listed on the NASDAQ exchange in April last year, is also the first listed cryptocurrency exchange. Coinbase's market capitalisation fell below $10 billion for the first time since it went public last year, MarketWatch reported.

CTOnews.com learned that on Monday local time, Coinbase U.S. shares fell 8.9% to $41.23, with a total market capitalization of about $9.283 billion. That's a far cry from Coinbase's market cap of $76.9 billion on Nov.9,2021.

MarketWatch notes that Coinbase has fallen about 84 percent so far this year. Coinbase's woes are in line with the collapse in digital asset values, but it has fared worse than Bitcoin and Ethereum, with the former down 66 percent this year and the latter down 70 percent.

Earlier this month, Coinbase confirmed it would lay off about 60 people in its recruitment and agency occupancy department. Elliott Suthers, head of corporate communications at Coinbase, said the cuts will be made in departments that are less active than before, with the goal of helping Coinbase operate as efficiently as possible.