ConsenSys – a blockchain software technology company – and Amber Group – a cryptocurrency platform based in Singapore – are the latest entities in the digital asset sector to announce staff layoffs. The former will trim its team by approximately 11%, while the latter reportedly plans to reduce its Hong Kong division by 50%. Adjusting...Read More
The Singaporean authorities have reportedly granted Vauld an extended period of creditor protection. The cryptocurrency lender has until February 28 to introduce a revival plan. Vauld is one of the worst affected cryptocurrency entities by the prolonged bear market. It trimmed the size of its team by 30% last summer, reduced its marketing campaigns, and...Read More
The cryptocurrency-focused bank – Silvergate Capital – reported a net loss of $1 billion for the last quarter of 2022 due to the turmoil reigning in the digital asset sector. The firm recently laid off nearly half its workforce amid massive client withdrawal requests. The Disappointing Q4 The fourth quarter of 2022, with its market...Read More
OSL, a Hong Kong-based digital asset exchange, is cutting roughly a third of its costs following months of turbulence in the crypto market. That includes staff cuts – though the firm did not reveal how large a portion of its workforce was laid off. OSL provides crypto trading and custody services alongside software solutions for...Read More
Crypto markets have been flying this year, but an ongoing depressed outlook for the world economy could clip those wings. According to a WEF report on Jan. 16, the International Monetary Fund (IMF) expects around a third of the global economy to enter a recession in 2023. “Global growth prospects remain anaemic and global recession...Read More
Thailand’s Securities and Exchange Commission (SEC) has reportedly launched an investigation against the distressed cryptocurrency platform Zipmex. The watchdog will inspect whether the latter breached some domestic rules when offering digital asset services and products. More Problems for Zipmex According to a Bloomberg coverage, the top financial regulator of Thailand will probe the bankrupt Zipmex for...Read More
The US-based cryptocurrency exchange Coinbase will reduce its workforce by around 950 people. The firm had previously laid off 18% of its employees due to adverse macroeconomic conditions. Brian Armstrong – CEO of Coinbase – said they had taken the “difficult decision” to dismiss 950 of its team members as part of the company’s long-term...Read More
Cryptocurrency projects obtained 42.5% less funding in 2022 compared to what they received in 2021. Still, last year’s capital was significantly higher than the figures in 2018, 2019, and 2020. Funding in 2022 The crypto winter that hit the digital asset industry in 2022 has triggered a major market decline, an outflow of investor interest,...Read More
Erik Voorhees – CEO of ShapeShaft and an outspoken proponent of bitcoin – believes it could take between six months and three years before the next crypto bull run occurs. He also predicted that the primary cryptocurrency could surge to $40,000 by the summer, representing a 140% increase compared to current valuations. ‘It Won’t be...Read More
Octopus Network – a multichain crypto network supporting Web3 applications – will lay off 40% of its staff members to ensure its survival amidst the ongoing crypto winter. The adverse macroeconomic factors have taken their toll on numerous other industry leaders who took similar action over the past several months. Some examples are Coinbase, CryptoCom,...Read More
The cryptocurrency market is facing one of its most brutal crypto winters, marked by a sustained drop in digital asset prices and the failure of major crypto companies, as well as high-profile cases of hacks and heists. Nonetheless, a recent report from blockchain data and analytics firm DappRadar suggests that the industry may not be...Read More
This year has been tumultuous for the cryptocurrency industry, with major players like Terra, Three Arrows Capital (3AC), and FTX going underwater. As the crypto space struggles to find footing amid the second wave of the crypto winter exacerbated by the latest FTX debacle, digital asset data provider CryptoCompare believes it will take a while...Read More
Crypto markets have been down-trending for more than a year now, and an extended period of low volatility could be about to commence, according to one analyst. However, others have opined that there could be a quick turnaround once the macro situation improves. On Dec. 18, crypto analyst “Cold Blooded Shiller” compared the current market...Read More
Popular Youtuber Nicholas Merten (DataDash) argued that investors have not rushed to “buy the dip” on worries of the inflation numbers, which clocked in lower than the expectations earlier today. Based on his research, the number of people buying and selling BTC has been dropping each week recently, which indicates that its price will likely...Read More
Amber Group reportedly raised just half of its $100 million funding round and halted its global expansion efforts due to the ongoing bear market. The company recently laid off a portion of its staff after previously admitting it has been an “active trading participant” on the bankrupt crypto exchange FTX. Change of Plans Amber Group...Read More
Huobi Research, an affiliate of Huobi Global, estimated in its Global Crypto Annual 2022-2023 Report that the prices of bitcoin and ether will start surging after the first quarter of 2023. Until then, they might find a bottom at $15,000 and $1,000, respectively. The company touched upon the FTX’s meltdown, describing it as “one of...Read More
A major capital reset is underway, according to on-chain analytics provider Glassnode. In its “week on-chain” report on Dec. 5, the firm said the FTX collapse caused “one of the largest deleveraging events in digital asset history.” Markets have been consolidating just above those cycle lows since the FTX meltdown in early November. Additionally, there...Read More
Eric Robertsen – Global Head of Research at Standard Chartered – thinks bitcoin could tumble to $5,000 next year as more cryptocurrency firms might experience liquidity issues. He believes 2023 could be prosperous for gold, envisioning the yellow metal’s price to surge to $2,250 per ounce. Next Year’s Potential Trends As reported by CNBC, Robertson...Read More
Blockchain-based capital marketplace Maple Finance has cut ties with digital asset hedge fund Orthogonal Trading on allegations that the latter misrepresented its financial statements. Maple said assets within the Orthogonal credit pool remain secure and is expected to close without issue in Q1 2023. The Truth About Orthogonal In a blog post on Monday, M11...Read More
The Australian cryptocurrency platform Swyftx laid off 90 of its employees, representing around 40% of its total workforce. CEO Alex Harper assured the company is “well-positioned” to cope with the current turbulence caused by the FTX meltdown. However, he expects another market plunge during the first half of 2023, hence the amendments. The Next Victim...Read More
With bitcoin firmly standing below $20,000, it’s visible that the bear market still remains in the spotlight, which harms native businesses. Miners and exchanges have been hit the hardest. Amid numerous trading platforms laying off staff members, the latest to join this trend is Bybit. Bybit to Cut Off 30% of Staff The overall cryptocurrency...Read More
Bear markets always appear to be long, drawn-out affairs, but the steep downtrend only really lasts a year or so. The crypto industry hit its all-time high of just over $3 trillion in market capitalization in November 2021. Almost a year to the day later, on Nov. 22, they hit a cycle low of $820...Read More
Kraken is the latest cryptocurrency exchange that’s been forced to downsize in the face of macroeconomic headwinds and a devastating crypto bear market. According to an announcement from the firm on Wednesday, leadership has been forced to slash 30% of its workforce, amounting to 1100 workers. The reduction in size takes Kraken’s headcount back to...Read More
Bitfront – a cryptocurrency platform operated by internet company LINE Corporation – announced it will cease its services as of March 31, 2023. The entity asserted that its decision is not related to the recent collapse of FTX. The US-based exchange Bitfront informed its customers they should withdraw their assets by the end of March...Read More
Over a year after the first Bitcoin futures ETF went live in the States, Bitwise has filed to launch its own such product. This comes despite the ongoing bear market, which has seen prices decline and investor interest evaporate. Citing a filing with the US regulators, the Bloomberg report informed that Bitwise’s product would be...Read More
The cryptocurrency winter has been colder for some than others. While some cryptocurrency exchanges are forced to conduct massive employee layoffs to weather the bear market, others like Bitget continue to make massive hires to improve their services. On November 25, the cryptocurrency and crypto derivatives exchange Bitget announced its registration in the Seychelles, Africa,...Read More
One of the popular cryptocurrency platforms in Argentina – Lemon Cash – dismissed 38% of its total workforce to endure the current difficult times. CEO Marcelo Cavazzoli assured the layoffs have no relation to the recent collapse of FTX and thanked his team for their hard work over the years. The Next Victim In a...Read More
Public-traded Bitcoin mining company Core Scientific has lost about $1.7 billion since the start of the year, according to its quarterly report filed with the United States Securities and Exchange Commission (SEC) on Tuesday. The filing shows that the firm recorded its second consecutive quarterly loss at the end of Q3. The Bitcoin miner lost...Read More
Genesis, the crypto brokerage platform that froze withdrawals last week, may resort to bankruptcy if it fails to raise money from potential investors, according to people familiar with the matter. As reported by BNN Bloomberg, Genesis has spent the past several days attempting to raise $1 billion in capital from potential investors. This backs up...Read More
The past year or so has not been kind to the primary cryptocurrency, following many industry and macroeconomic adversities. Even though the asset has lost roughly 80% of its value since the all-time high last November, some estimations show that it could drop further, perhaps to the four-digit territory. It was approximately a year ago...Read More
