On June 10, one of the top cryptocurrency media sites, CCN, initially announced that it would shut down, citing a June 3 Google (NASDAQ:GOOGL) Core Update for stifling its traffic.
Writing on the website, the director and founder of CCN Markets and Hawkfish AS, Jonas Borchgrevink, blamed the update for an overnight fall of 71% of the site’s mobile traffic. While Borchgrevink noted that ups and downs are part of the business, such a vertiginous fall is unprecedented in its history. At the time of the post, the founder said that it could not support new additions to its team or its current operations from advertiser revenue in the given climate.
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