The 2022Summer of Terrorcontinues to scorch the cryptocurrency diligence . Just as some eagerlyhopedthe bad might be over , cost of Bitcoin Wednesday hit yet another grim milestone , dropping to an 18 - calendar month - low .
Bitcoin , at one point , reportedly dipped 7.8 % to $ 20,289 this week . That ’s the currency ’s lowest point since December 2020 . A recent Reutersreportattributed the most recent monumental price free fall ( which was n’t confine to Bitcoin ) , to the suddenfreezingof crypto withdrawal by loaner Celsius . Binance alsoreportedlytemporarily halted withdrawals . Ether fall as much as 12 % , distinguish a 15 - month low for the coin . The most recent enchantment of unsound news comes around one month after crypto ’s Red hymeneals second where around $ 300 billion in value waswipedfrom the market in a matter of days .
The downturn is n’t just limited to fluctuating monetary value either . Crypto house themselves are increasingly border on a State Department of crisis . Earlier this week Coinbase CEO Brian Armstrongwrotea letter to staff excuse the company would need to lay off 18 % of its employee , about 1,100 the great unwashed , due to overly optimistic maturation and veneration of an close at hand recession on the apparent horizon . In his financial statement , Armstrong allege employee toll had become “ too mellow to effectively handle this uncertain market .
Image: Dan Kitwood (Getty Images)
Coinbase CEO@brian_armstrongannounced today the hard decision to shrink the size of the Coinbase squad by 18 % . More details and rationale in Brian ’s electronic mail to employee , which has been made public for all to see ➡ ️https://t.co / SpdZU3KdpS
— Coinbase 🛡 ️ ( @coinbase)June 14 , 2022
While Coinbase marks the biggest name to announce layoffs in the space , they are n’t the only ones phlebotomise . BlockFi , Gemini , and Crypto.com have all similarlyannouncedlayoffs of 20 % 10 % , and 5 % of their faculty respectively , all in the same week .
Do n’t enjoin any of that to Binance . The Chinese - base exchange opted to move in on the nose the opposite guidance this week , with CEO Changpeng Zhao announcing the society design to engage 2,000 new positions .
It was not easy saying no to Super bowl ads , sports stadium designation rights , large patron deals a few months ago , but we did .
Today , we are engage for 2000 opened positions for#Binance.pic.twitter.com / n24nrUik8O
— CZ 🔶 BNB ( @cz_binance)June 15 , 2022
Still , the real succeeder of this entire situation really , are the chiliad of fans for some flailing baseball game or ice hockey team that would have had to spend their weekendshuddledin “ Binance Arena , ” had the company spent its hard currency in the first place .
BitcoinChangpeng ZhaoCoinbaseCryptocurrencyGeminiSuper Bowl
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