A year ago, when prices were soaring and new all-time highs (ATHs) were often established, the entire crypto exchange and cryptocurrency market scene was vastly different. As a result of negative macroeconomic developments and a number of high-profile industry bankruptcies, such as Terra and FTX, the so-called crypto winter is now in full throttle. Get 30 FREE SPINS at Punt Casino – NO DEPOSIT REQUIRED! Start Playing Now.
5 BTC + 300 Free Spins for new players & 15 BTC + 35. 000 Free Spins every month, only at mBitcasino. Play Now! Dropping trade volumes, Google searches, among other metrics, all point to a change in investor mood, which was perhaps unsurprising.
The crypto exchange industry is currently among the hardest hit in these crippling ‘winter’ chills. Related Reading: ‘Digital Garbage?’ EU Throws $400,000-Metaverse Party That Only Attracted 6 People Image: Crypto Daily Crypto Exchange Bybit Cracks Under Pressure Bybit , a centralized cryptocurrency exchange, has sent pink slips to its workforce as the crypto winter shows no signs of thawing. The action follows the company’s layoffs in June of this year.
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Bybit CEO Ben Zhou stated on Sunday that the layoffs are part of an ongoing reorganization of the Singapore-based crypto exchange company, and that the firm’s top priority is to keep business operations running smoothly and client funds secure. Bitcoin’s inability to surpass $18,000 demonstrates that the crypto winter remains in the public eye, which is detrimental to local companies. In the past 24 hours, crypto markets have gained a meager 1.
5 percent. Nonetheless, the general picture remains exceedingly pessimistic. As a result, cryptocurrency miners and exchanges faced the brunt of the market volatility.
Bybit is the most recent company to follow the trend of trading platforms rendering a significant number of their people unemployed. Zhou has offered his apologies to individuals who may be impacted and explained that the decision was vital to survive the crypto winter. The Domino Effect? Bybit Feels The Frostbites In a report, Zhou was reported by Bloomberg as saying that the crypto exchange must have the appropriate structure and resources “to navigate the market downturn and is nimble enough to seize the many opportunities ahead.
” Zhou cited the continuous fall of crypto prices and the troubles of organizations such as bankrupt crypto lender BlockFi and troubled crypto brokerage Genesis as indicators “that we are entering an even colder winter than anticipated from both an industry and market standpoint. ” Bybit, which is ranked among the top 10 cryptocurrency exchanges by both CoinMarketCap and CoinGecko based on volume and confidence in the stated volumes, is not the first cryptocurrency exchange to take such extreme precautions. CryptoCom and Coinbase were among the first, with sources indicating that CryptoCom laid off several hundred employees.
In June, the American multinational Coinbase slashed its headcount by 18%. Related Reading: Bitcoin Miners May Have Seen The Darkest In Q4 As BTC Rises Past $17,000 Crypto total market cap at $826 billion on the daily chart | Featured image: Intelligent Living, Chart: TradingView. com Share Tweet Share Share Sign Up for Our Newsletter! For updates and exclusive offers enter your email.
Sign Up I consent to my submitted data being collected and stored. Leave this field empty if you’re human: Christian Encila Freelance writing is Christian’s other cup of tea. When not on his computer, he unwinds with a cold bottle of beer and laughs with his son over cartoons.
Other than that, he’s just like everybody else who wants to be happy with their life. Related Posts Payments Giant Stripe Launches Cash To Crypto Web3 Service 1 day ago Report Suggests Alameda Rescued FTX By Covering $1 Billion Trade Loss in 2021 1 day ago FTX Contagion May Have ‘Infected’ This Crypto Trading Firm That’s Now Facing A ‘Liquidity Issue’ 3 days ago Whales Still Give SHIB Lots Of Love, Despite Token Gaining Only 2% In Last 7 Days 3 days ago Why Bitcoin Bull Mike Novogratz Believes FTX Collapse Is An Opportunity For The Industry 3 days ago Crypto Technology Still Relevant Despite Market Crisis, BlackRock CEO Says 4 days ago.
From: bitcoinist
URL: https://bitcoinist.com/crypto-exchange-bybit-to-slash-30-of-staff/
