Crypto winter not only for investors

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We are witnessing another brutal decline and increasing losses in the cryptocurrency market. Bitcoin is breaking its ATH from the previous cycle from the top for the first time in history. A similar event has never happened before on Bitcoin.

The collapse on the cryptocurrency market affects not only the investors themselves. The cryptocurrency exchange Coinbase is slowing 18 percent of its workforce as cryptocurrencies have been in a retreat since last November. In recent days, however, the declines have intensified. Some cryptocurrencies started the week with drops by up to 20%. The most popular cryptocurrency – bitcoin – costs the least in a year and a half, reaching a rate below 20,000 dollars.

This crash is also influencing on cryptocurrency trading institutions. The New York cryptocurrency exchange Coinbase announced on Tuesday that it is firing 18% of their employees. Its CEO, Brian Armstrong, said in an open letter that the decision to lay off approximately 1,000 employees was “difficult” but was made to help the company survive the economic downturn.

Armstrong warned of a potential deepening of the cryptocurrency slump. “We seem to be entering a recession after more than 10 years of economic boom,” wrote Armstrong, adding, “The recession could lead to another cryptocurrency winter and could continue for a long time.”

Meanwhile, Coinbase shares have plunged around 80% this year. and 85 percent from IPO in April 2021. The company that used to be worth nearly $ 100 billion now has a capitalization of less than $ 12 billion.

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One thought on “Crypto winter not only for investors

  1. Al Soori Jakub says:

    I think it will only get worse, of course depending on the recession, everyone waits for that somehow, I mean for the news wether it is there or not.

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