Bitcoin Continues To Slide As Macroeconomic And Geopolitical Anxiety Persist
Bitcoin sank to an intraday low of $39,714.69 on Friday, following a late surge above Wednesday’s critical resistance level of $41,500. BTC was down as traders braced themselves for the lengthy Easter weekend. Bitcoin – the world’s most sought-after digital asset – has fallen about $10,000 from a two-week high of $48,220, its highest level in over four months. However, following weeks of retreats, it looks as though market analysts have identified a stable floor at $39,300, with bulls now attempting to drive prices higher once more. Related Article | Bitcoin....
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While crypto companies have been faced with major layoffs, things are nowhere as bad as the tech industry or other traditional sectors. To put things into perspective, since November 2021, the total market capitalization of the digital asset industry has plummeted from it’s all-time high of $3 trillion to its current levels of approx. $1.27 trillion, thus showcasing a loss ratio of over 55%.While this massive monetary downturn can be attributed to a range of factors, including the ongoing Russia-Ukraine war, rising inflation figures and worsening macroeconomic conditions have had a major....
Previous crypto bear markets triggered much bigger layoffs, with some firms like ConsenSys reportedly firing up to 60% of its workforce in 2018. Gemini, a cryptocurrency trading platform founded by brothers Cameron and Tyler Winklevoss, is the latest industry firm to lay off a significant part of its staff due to unfavorable market conditions.Winklevoss’ crypto business Gemini Trust reportedly cut 10% of its employees amid the ongoing bear crypto market, the founders wrote in a notice to employees on June 2, as Bloomberg reported.As part of its first major headcount cut, Gemini will....
Based on the latest forecasts from top industry analysts, the crypto market seems to be set for a wild ride over the next few months. Related Reading: US Congress Unites Against AI Deepfake: Watermarking To The Rescue Crypto Volatility To Persist Through Q3 Driven by the expected introduction of spot Bitcoin ETFs, despite the positive […]
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Bitcoin has undergone strong volatility this year as the pandemic has rocked markets. While this volatility has turned many off to this space, some say that the ongoing macroeconomic and geopolitical trends make Bitcoin more important than ever before. Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom Bitcoin Is So Important […]