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
In its latest Insight report, the world’s largest digital asset manager, Grayscale Investments, compared the current bear market with other market cycles in crypto history to predict when the next bull run could arrive. The Crypto Market Cycles Grayscale noted that, like traditional markets, the cryptocurrency space is cyclical, and the industry is currently experiencing...Read More
On July 18,2022, an anonymous source linked to the crypto exchange Gemini said that the company had laid off 7% of its workforce. The source, who spoke with the Tech media outlet TechCrunch, said that Gemini reportedly fired at least 68 workers in a low-key manner. The source found out about it because the workers...Read More
Devin Finzer – CEO of OpenSea – announced on Thursday that roughly 20% of employees have been let go by the NFT marketplace. The move is intended to better prepare the company for up to five years of a potentially “prolonged” crypto winter. Despite having faced the bear market before, Finzer said that the current...Read More
Protagonist – a venture capital firm that supports entities in the digital asset industry – launched a $100 million fund that will be distributed to early-stage crypto companies. The initiative was established by the firm’s Co-Founders – George Bousis, Dylan Macalinao, and Harry Hurst. Bear Markets Create Legends In a recent interview for Tech Crunch,...Read More
Dunamu – the company behind South Korea’s leading crypto exchange Upbit – plans to invest 500 billion won ($380 million) in the next five years and create approximately 10,000 new job positions. Expansion Amid the Crypto Winter The bear market and the outflow of investors’ interest in the industry have caused numerous companies to reduce...Read More
Crypto winter may be extended until the physical winter in Q4 and even the early Q1 next year, implied CoinShares Chief Security Officer Meltem Demirors in the latest interview with CNBC. According to data collected by Demirors, no signs indicate that an upside catalyst is in sight, sparking a speedy recovery from the months-long downward...Read More
Cryptocurrency lender Celsius is trying to overcome the hypothermia caused by the crypto winter and position itself again as a reliable service on the market, gaining its credibility once again. And to achieve this goal, it’s turning to legal experts. According to the Wall Street Journal, Celsius hired the law firm Kirkland & Ellis LLP...Read More
Kim Grauer – Director of Research at Chainalysis – said there’s been a “pullback” in funds received by cryptocurrency scam addresses during the bear market. Other forms of financial crime in the digital asset world, such as ransomware, do not reflect the same trend. Scams Track the Market As Grauer explained to Yahoo Finance on...Read More
The cryptocurrency brokerage firm – Voyager Digital Ltd. – and its two subsidiaries (Voyager Digital LLC and Voyager Digital Holdings) filed for Chapter 11 Bankruptcy with the Southern District of New York. The step comes a few days after the company halted trading, deposits, and withdrawals on its platform. Voyager Digital becomes the latest crypto...Read More
The cryptocurrency market downturn continues taking its toll, and lending companies are feeling the heat across the board. Another crypto lender to cease transactions is Vauld. According to a blog post from Monday, July 4th, the company has seen customer withdrawals in excess of $197 million since June 12th. This seems to have happened immediately...Read More
With bitcoin losing nearly half its value at one point a week ago and marking an 18-month low, the asset’s situation seemed gloomy at best. However, there are some positive signs as investors have been continuously withdrawing their BTC holdings from exchanges. BTC on Exchanges Sees 3-Year Lows A lot has been said about what...Read More
In India, the downturn in the crypto market and the government’s overly restrictive control over the industry have caused many exchanges to suffer, not only because of a decline in adoption but from regulatory uncertainty. Meanwhile, the “anti-crypto” Reserve Bank of India (RBI) continues to work on its pilot project to introduce blockchain technology into...Read More
On June 21, Bitfarms, an Argentinean cryptocurrency mining company operating in Canada, announced an adjustment to its HODL strategy so as to improve the company’s liquidity. According to a press release, the company sold a total of 3,000 Bitcoin (BTC) over the last week for approximately US$63 million to improve its corporate liquidity by nearly...Read More
As the bear market spreads, more cryptocurrency exchanges are joining the wave of mass layoffs, even though some analysts suggest that the bottom might be in. On June 19, BitOasis, a cryptocurrency exchange located in the United Arab Emirates, which has been serving the Middle East since 2015, announced the layoff of 5% of its...Read More
The bloodbath that brought BTC down from $21,000 to below $18,000 during the weekend has resulted in the largest USD-denominated realized loss for bitcoin investors. Interestingly, long-term holders were among the most active sellers, some of which realized losses in excess of 70%. Largest USD-Denominated Realized Loss Streak After registering the longest negative streak in...Read More
The recent bearish trend of the crypto market has brought with it an unprecedented wave of unemployment in the crypto industry, causing financial regulators to step up and absorb as many of those out of work as possible. On June 14, The Financial Industry Regulatory Authority (FINRA) of the United States announced plans to increase...Read More
Yesterday was one of the worst days in the history of crypto; prices crashed harder, crypto companies cut jobs, the Fed hinted at hiking rates, Binance halted BTC withdrawals, and Celsius suspended multiple services. These events on the same day left many investors in psychological turmoil. Ripple CEO Urges Crypto Investors to Stay Strong While...Read More
Raoul Pal – CEO of Global Macro Investor – is predicting a “nasty recession” and “liquidation writ large” within the next few weeks, as the Federal Reserve continues tightening monetary policy. He believes the current panic within the crypto markets is similar to that seen during the bear market of June 2021, and the flash...Read More
Huobi co-founder Du Jun does not believe there will be another crypto bull market until the end of 2024 or early 2025. Speaking to CNBC over the weekend, he said that judging by past market cycles, there may not be another one for around three years. He said that “we are now at the early...Read More
If Bitcoin’s fall grom $62,000 to the perilous $30,000 mark seems scary, then buckle up: Some analysts believe it could get even worse… And if conditions remain the same, that is very likely to be the case. The sharp drop from $60,000, the arrival of the infamous death cross, the bad news coming out of...Read More
With BTC’s price going through a severe correction this week, reaching a near six-month low, the question arisen within the community if we have officially entered a bear market. Dumping to more than 50% south from its peak, which came just two months ago, certainly has some arguing that the bears are indeed in control....Read More
A bullish case isn’t on many people’s minds – but signs are cropping up that Bitcoin may indeed be headed for a trend reversal. Here are some signs explaining why BTC might be overdue for a renewed uptick. Bitcoin reached its all-time high of almost $65K on April 14, 2021, a little over a month...Read More
Bitcoin has recently shifted trends, and this downturn has become a hot talking point among many investors who are divided between those who have fallen prey to pessimism and those who still refuse to believe that this was all a market episode started and extinguished by Elon Musk. After Elon Musk announced that Tesla had...Read More
As Bitcoin continues to struggle to maintain the $6,000 price area, the formation of another technical pattern is raising some concerns. The cryptocurrency charted a Death Cross, which is something that should be taken into consideration, of course, as long as you follow technical analysis. The Third Death Cross Since 2018 Incoming First things first,...Read More
Bitcoin is yet to reach its yearly bottom, at least according to a recent Twitter poll. Despite surging with 80% since the March 13th low of $3,700, the majority still anticipate new price declines in BTC’s future. Pessimism Across The Community March 2020 has been quite volatile for Bitcoin and the whole cryptocurrency market. The...Read More
