Cryptocurrencies have been sinking along with other higher-risk assets as the Federal Reserve steadily reverses the aggressive monetary policies it adopted earlier in the coronavirus pandemic. Lately, its efforts to raise interest rates to combat surging inflation have further dented investors‘ risk appetite. The market value of the entire crypto sector has fallen to less than $1 trillion from about $3 trillion in November, according to CoinMarketCap. Those falls reflect a significant drop in trading activity and momentum, and until that turns around, industry players like Coinbase are likely to remain under pressure, said KBW Managing Director Kyle Voigt.
Coinbase Chief Executive Brian Armstrong said the company had grown too quickly, expanding from about 1,250 employees at the start of last year to around 5,000 currently. “We saw the opportunities but we needed to massively scale our team to be positioned to compete in a broad array of bets,” he wrote in a note to staff. “While we tried our best to get this just right, in this case it is now clear to me that we over-hired.”
|COIN||COINBASE GLOBAL INC.||51.58||-0.43||-0.83%|
The price of ether, the in-house currency of the Ethereum network, fell 4.5% to $1,187.30, its lowest close since Jan. 21, 2021. Over the weekend, the price fell below $1,360, the early 2019 high from the previous cycle. Other cryptocurrencies were mixed. Cardano fell 1.9%, but Solana was up 1.3% and Stellar was up 0.5%.
BlockFi, a platform for trading and lending cryptocurrency, announced via a blog post on Monday that it’s laying off 20 percent of its 850 employees — around 170 to 200 people. CEO Zac Prince said in a Twitter thread that the layoffs can be traced to a “dramatic shift in macroeconomic conditions” and BlockFi’s push to become profitable.
It’s not the only crypto company letting workers go. On Friday, Crypto.com (the company with the Super Bowl ad featuring LeBron James) announced that it’s laying off around 260 workers, or around 5 percent of its workforce, according to a Twitter thread from its CEO, Kris Marszalek.
The layoffs come as the crypto market is struggling as a whole. The value of Bitcoin and Ethereum have been falling throughout Monday morning, and Celsius, a lending platform, has halted withdrawals, citing “extreme market conditions.” (BlockFi has specifically said that it has “no exposure to Celsius” on Twitter.) Binance, a large crypto exchange, paused Bitcoin withdrawals for about three hours, citing a technical issue, and within the past few months, we’ve seen coins like Terra essentially go to zero.
Crypto firms have struggled to weather the storm. Coinbase announced that it was slowing hiring in May and reportedly rescinded over 300 job offers the next month; several other companies, like Gemini, Mercado Bitcoin, and Bitso have also had to lay off at least 10 percent of their workers within the past month.
BlockFi says in its post that the layoffs come after a period of explosive growth. The company says it had “about 150 employees” at the end of 2020 and has since grown to a headcount of “over 850.” After the layoffs, however, the company will be down to around 600 employees.
Similarly, Crypto.com was riding high just a few short months ago. In November 2021, it reportedly paid $700 million to plaster its name onto a sports arena in Los Angeles, which was formerly known as the Staples Center. “In the next few years, people will look back at this moment as the moment when crypto crossed the chasm into the mainstream,” Marszalek told the Los Angeles Times when the naming deal, which is supposed to last for 20 years, was announced.
It’s easy to see why crypto companies have been hiring; the space has exploded during the pandemic with prices for major coins rocketing up, NFTs exploding onto the scene, and celebrities and companies alike hyping the blockchain. But, as 2022 has worn on and interest rates have gone up, the growth has started to reverse; trillions of dollars in value have been wiped out from the crypto market, NFT sales have slumped, and companies, including BlockFi, have run into trouble with regulators as governments try to figure out how to handle crypto. Not everyone who bought the boom has made it, and many in the space are predicting a “crypto winter.
- The Rise and Fall of Bitcoin”.
- “Block 0 – Bitcoin Block Explorer”.
- Bitcoin: And the Future of Money.
- “Here’s The Problem with the New Theory That A Japanese Math Professor Is The Inventor of Bitcoin”.
- “Hal Finney received the first Bitcoin transaction. Here’s how he describes it”
- Meet the man who spent millions worth of bitcoin on pizza”.
- The First-Ever Bitcoin Purchase Was Remarkably Inglorious”
- Bitcoin Pizza Day: Celebrating the $80 Million Pizza Order”.
- Everything you need to know about the blockchain”.
- Who Owns the World’s Biggest Bitcoin Wallet? The FBI”.
- Meet Gavin Andresen, the most powerful person in the world of Bitcoin”.
- A Solution To Bitcoin’s Governance Problem”
- “Bitcoin Historical Prices”
- “Here’s proof that this bitcoin crash is far from the worst the cryptocurrency has seen”
- The Bitcoin Boom”.
- “Bitcoin-Qt version 0.5.0 released”.
- Major glitch in Bitcoin network sparks sell-off; price temporarily falls 23%
More Remote Working Apps:
https://quintexcapital.com/?ref=arminham Quintex Capital
https://www.genesis-mining.com/a/2535466 Genesis Mining
https://jvz8.com/c/202927/369164 prime stocks
https://jvz3.com/c/202927/361015 content gorilla
https://jvz8.com/c/202927/366443 stock rush
https://jvz4.com/c/202927/296191 gluten free
https://jvz1.com/c/202927/286851 diet fitness diabetes
https://jvz8.com/c/202927/213027 writing job
https://jvz4.com/c/202927/358049 profile mate
https://jvz8.com/c/202927/376524 super backdrop
https://jvz2.com/c/202927/184902 gaming jobs
https://jvz4.com/c/202927/343405 PR Rage
https://jvz6.com/c/202927/371547 design beast
https://jvz3.com/c/202927/376879 commission smasher
https://jvz2.com/c/202927/376925 MT4Code System
https://jvz6.com/c/202927/375959 viral dash
https://jvz1.com/c/202927/376877 forex expert
https://jvz8.com/c/202927/376381 ada leadz
https://jvz2.com/c/202927/337292 DFY Suite 3.0 Agency+ information
https://jvz8.com/c/202927/291061 VideoRobot Enterprise
https://jvz8.com/c/202927/327447 Klippyo Kreators
https://jvz8.com/c/202927/324615 ChatterPal Commercial
https://jvz8.com/c/202927/299907 WP GDPR Fix Elite Unltd Sites
https://jvz3.com/c/202927/342585 VidSnatcher Commercial
https://jvz3.com/c/202927/320972 Storymate Luxury Edition
https://jvz2.com/c/202927/320466 iTraffic X – Platinum Edition
https://jvz2.com/c/202927/330783 Content Gorilla One-time
https://jvz2.com/c/202927/301402 Push Button Traffic 3.0 – Brand New
https://jvz2.com/c/202927/321987 SociCake Commercial
https://jvz2.com/c/202927/289944 The Internet Marketing
https://jvz2.com/c/202927/297271 Designa Suite License
https://jvz2.com/c/202927/310335 XFUNNELS FE Commercial
https://jvz2.com/c/202927/343635 MediaCloudPro 2.0 – Agency
https://jvz2.com/c/202927/353558 MyTrafficJacker 2.0 Pro+
https://jvz2.com/c/202927/365061 AIWA Commercial
https://jvz2.com/c/202927/357201 Toon Video Maker Premium
https://jvz2.com/c/202927/351754 Steven Alvey’s Signature Series
https://jvz2.com/c/202927/344541 Fade To Black
https://jvz2.com/c/202927/290487 Adsense Machine
https://jvz2.com/c/202927/315596 Diddly Pay’s DLCM DFY Club
https://jvz2.com/c/202927/355249 CourseReel Professional
https://jvz2.com/c/202927/309649 SociJam System
https://jvz2.com/c/202927/263380 360Apps Certification
https://jvz2.com/c/202927/377557 Instant Website Bundle
https://jvz2.com/c/202927/377194 GMB Magic Content
https://jvz2.com/c/202927/376962 PlayerNeos VR
https://jvz8.com/c/202927/381812/ BrandElevate Bundle information
https://jvz4.com/c/202927/381807/ BrandElevate Ultimate
https://jvz2.com/c/202927/381556/ WowBackgraounds Plus
https://jvz4.com/c/202927/381689/ Your3DPal Ultimate
https://jvz2.com/c/202927/380877/ BigAudio Club Fast Pass
https://jvz3.com/c/202927/379998/ Podcast Masterclass
https://jvz3.com/c/202927/366537/ VideoGameSuite Exclusive
https://jvzoo.com/c/202927/381179 YTSuite Advanced
https://jvz1.com/c/202927/381749/ Xinemax 2.0 Commercial
https://jvzoo.com/c/202927/382455 Living An Intentional Life
https://jvzoo.com/c/202927/381812 BrandElevate Bundle
https://jvzoo.com/c/202927/381935 Ezy MultiStores
https://jvz2.com/c/202927/381194/ DFY Suite 4.0 Agency
https://jvz4.com/c/202927/381976/ AppOwls Bundle
https://jvz3.com/c/202927/381615/ WOW Backgrounds 2.0
https://jvz4.com/c/202927/381560 ALL-in-One HD Stock Bundle
https://jvz6.com/c/202927/382326/ Viddeyo Bundle
https://jvz8.com/c/202927/381617/ The Forex Joustar