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....
Cryptocurrency trades were central to Nigeria before an exchange ban reminder was recently issued. So, how will things change now? The post Bitcoin Will Persist In Nigeria, But The Ban Changes Things appeared first on Bitcoin Magazine.
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 […]
Coinbase CEO Brian Armstrong is looking for enhanced efficiency from its internal teams, noting that rapidly growing firms often become complacent and slow. Crypto exchange Coinbase is getting rid of slide decks and “endless meetings” as a way to improve productivity following the purge of roughly 18% of employees last month. In a July 13 blog post, Coinbase CEO Brian Armstrong noted that the company is currently focused on “driving more efficiency” as it continues to scale, pointing to a 200% year-on-year employee growth over 18 months that had started to put a strain on the firm’s....