One of the most successful NBA teams – Golden State Warriors – reportedly paused all marketing endeavors related to the distressed crypto exchange FTX. The latter filed for bankruptcy last week after failing to honor its clients’ withdrawal requests. According to recent coverage, the basketball club stopped advertising all FTX products and services. The last...Read More
The US-based cryptocurrency exchange – Coinbase – reportedly reduced its team by 60 people following the FTX saga and the consecutive plunge of the market. Chief Financial Officer Alesia Haas said the company might lay off more people should the turmoil deepen in the future. According to recent coverage, one of the largest crypto platforms...Read More
Despite the rally during the past couple of weeks, the cryptocurrency took a beating today. Bitcoin’s price plunged by more than 5%, dropping $20K. The total liquidations on a 24-hour scale have reached around $360 million. The recent rally brought hopes to many that the crypto winter might be coming to an end, but this...Read More
In the aftermath of the crypto winter, which erased billions of dollars from the industry after last year’s rally to an all-time high, many firms have significantly reduced their headcounts over the past few months to cut operational costs. This may not come as a surprise due to the impact of the bear market, which...Read More
On Nov. 3, Coinbase Inc. had its third-quarter earnings call, reporting that revenue had missed analysts’ expectations. Company revenue plunged more than 50% from the previous year earlier as trading activity dwindled. This resulted in a loss of $545 million compared to a profit of $406 million in Q3 2021. In a letter to shareholders,...Read More
The cryptocurrency exchange BitMEX reportedly plans to cut its staff by 30% in the latest example of industry companies laying off employees. The reports come a week after CEO Alexander Höptner stepped down from his role. The ongoing bear market has triggered a dismissal spree in numerous crypto-related companies, and the Seychelles-based derivatives trading venue...Read More
One of the largest bitcoin miners – Core Scientific – could run out of cash by the end of 2022, which could prompt it to file for bankruptcy. The firm’s shares took a major punch following the news. Current market data shows they trade at around $0.28, an approximately 72% decline compared to yesterday’s figures....Read More
Google’s parent company, Alphabet, experienced a decline in revenue in part due to reduced spending in cryptocurrency advertising as a result of the ongoing bear market. A slowdown in crypto ads is yet another contraction in the digital asset space brought on by the year-long bear market. Crypto Winter Contributed to Google’s Missed Earnings The...Read More
Venture capital giant Andreessen Horowitz, also known as a16z, has been affected by the ongoing crypto winter, with the company’s flagship cryptocurrency fund losing nearly half of its value in the first six months of 2022. The declining performance is a massive difference from the gains experienced last year when the company’s investments grew over...Read More
The current bear market has rattled the digital asset industry to the core. A lesser-known crypto-staking platform, Freeway, is the latest to halt withdrawal services citing volatility in foreign exchange as well as cryptocurrency markets in recent times. “Freeway has therefore decided to diversify its asset base to manage exposure to future market fluctuations and...Read More
The Berlin-based neobank – N26 – established a cryptocurrency service that will enable customers to buy and sell 100 cryptocurrencies. The largest fintech bank in Latin America – Nubank – also hopped on the bandwagon, launching its own cryptocurrency in Brazil. Interestingly, Berkshire Hathaway – the conglomerate holding company spearheaded by the famed investor and...Read More
The German-based crypto bank – Nuri – revealed it will terminate its operations due to the harsh consequences of the crypto winter and the negative macroeconomic environment. It informed that customers have until December 18 to withdraw their funds from the platform, while trading will be possible until November 30. The Bear Market’s Latest Victim...Read More
New York Digital Investment Group (NYDIG) – an investment management firm that offers a wide variety of bitcoin services – reportedly laid off around one-third of its staff in September. Not long ago, it announced the departure of CEO Robert Gutmann and President Yan Zhao. Despite the redundancies, the former leaders remained as key members...Read More
Yassine Elmandjra – analyst at ARK Invest – believes bitcoin’s valuation could skyrocket beyond $1 million per coin in the following years. Earlier in 2022, a research team of the company estimated that the market capitalization of the primary cryptocurrency could reach $28.5 trillion by 2030. Bullish Prediction Despite the Bear Market Bitcoin and the...Read More
The US-based bitcoin miner – Marathon Digital Holdings Inc. – reportedly has exposure of more than $80 million in one of its hosting providers – Compute North. Two weeks ago, the latter joined the list of troubled entities affected by the ongoing crypto winter, filing for a Chapter 11 bankruptcy. Multi-Million Exposure According to a...Read More
The creator of the bitcoin Stock-to-Flow (S2F) model – PlanB – admitted that recently he made his third BTC investment. At the time of the purchase, the primary cryptocurrency was hovering around $20,000. Due to its significant price depreciation compared to the all-time high of $69,000 in November 2021, many people proclaimed bitcoin dead in...Read More
Change is in the air as the crypto space continues to see top executives step down from their roles amid the market crisis that stemmed from the Terra Luna fiasco and the Federal Reserve’s continuous interest rate hike, which negatively impacted the global financial market. The change in crypto-related executive leadership started with Twitter co-founder...Read More
The American asset manager that specializes in cryptocurrencies – Pantera Capital – is looking to raise $1.25 billion for its second blockchain fund. Not long ago, the head of the company – Dan Morehead – argued that the digital asset market had hit its bottom in June and a bull run is on the horizon....Read More
C Capital – a company established by Hong Kong billionaire Adrian Cheng – reportedly intends to raise $500 million to invest in digital currencies, credit, and private equity over the next year and a half. The firm thinks the cryptocurrency market has already bottomed, meaning that delving into it now is the perfect timing. ‘When...Read More
Nicholas Merten – a veteran cryptocurrency analyst and founder of DataDash – has called for Bitcoin to sink to $14,000 following its plunge below $19,000 over the weekend. The analyst cited both technical and macroeconomic factors, including an indicator that he calls “absolutely damning” for Bitcoin’s price. Deeper Waters for Bitcoin? In a video published...Read More
Seven Seven Six – a US-based venture capital firm founded by Reddit’s creator Alexis Ohanian – will reportedly raise a $177 million fund to invest in the cryptocurrency market. The company plans to allocate the amount directly into digital assets that are currently trading way below their all-time high levels. Earlier this year, Ohanian raised...Read More
It’s been a bad year for crypto so far – between large companies going under, a slew of cyberattacks, and – most importantly – the value of assets taking a nosedive, overall legitimate volumes have plummeted by 36% year over year., said Chainalysis. However, there is a silver lining – the illicit trading volumes have...Read More
In June, Coinbase shared an earnings report that worried investors, citing market conditions as the primary reason behind the drop in figures. At the time, Coinbase representatives assured investors that the company faces no major issues and that it will focus on consolidation to ensure that future business prospects take a turn for the better....Read More
The 2022 crypto winter has claimed a new victim. On August 9, the German cryptocurrency exchange Nuri filed for bankruptcy before the Berlin court due to the prolonged bearish cycle that the crypto market has gone through since the beginning of the year. However, according to Reuters, unlike other platforms and investment funds that halted...Read More
The British fintech firm Revolut plans to increase crypto-focused staff by 20% across the U.K., U.S., and Europe over the next six months. It is now advertising for 13 industry-related roles, including software engineers, crypto legal professionals, and financial compliance and crime prevention experts. The Long-Term Crypto Play According to Bloomberg, Revolut has already hired...Read More
In the early days, Bitcoin and crypto market cycles were largely influenced by halving events. These happen approximately every four years, or every 210,000 blocks, when the block reward for miners is halved. The next one is due on May 5, 2024, dropping the reward to 3.125 BTC from the current of 6.25 BTC. However,...Read More
BlockchainCom – a crypto financial services company – has let go of 25% of its employees due to harsh market conditions. That’s 150 roles cleared from the firm. A Loss of Momentum As reported by CoinDesk and verified by CNBC, 44% of layoffs are expected to affect employees in Argentina. Another 26% will impact U.S.-based...Read More
One of the worst affected crypto companies by the unpleasant macroeconomic conditions – Vauld – reportedly filed for protection against creditors in Singapore. The process should grant the entity the “breathing space” it needs to reconstruct its distressed operations. Looking for a Way Out It is safe to say that the crypto winter has harmed...Read More
Edward Dowd – former Managing Director at BlackRock – thinks that bitcoin will be a much more stable asset once the bear market is over. He described it as “the Amazon of the crypto era,” predicting it will hold a spot in everyone’s portfolio in the future. The Crypto Winter Will Not Defeat Bitcoin The...Read More
Michael Novogratz – CEO of Galaxy Digital – recently said that he underestimated the extent to which leverage was circulating in the crypto economy over the past two months. He summarized the process by which large institutions have fallen during the bear market, boiling their failure down to “inane” risk management. Frustration With the Crypto...Read More
