Bitcoin is literally becoming shitcoin đ
Bitcoin peaked at $68,789.63 in November. Ether peaked at $4,891.70 that same month.
Bitcoin plunged to about $17,749 and ether fell to about $897 on Saturday 18.06.22
The carnage in the crypto market is partly caused by pressure from macroeconomic forces, including spiraling inflation and a succession of Fed rate hikes. We have also seen these blue chip cryptos track equities lower. It doesnât help that crypto firms are laying off large swaths of employees, and some of the most popular names in the industry are facing solvency meltdowns.
In the chaos, Celsius, a major crypto staking and lending firm, shocked the market when it announced that all withdrawals, swaps and transfers between accounts have been paused due to âextreme market conditions.â In a memo addressed to the Celsius Community, the platform also said the move was designed to âstabilize liquidity and operations. âCelsius effectively locked up its $12 billion in crypto assets under management, raising concerns about the platformâs solvency. The news rippled across the crypto industry, Celsius was known for offering users a yield of up to 18.63% on their deposits. Itâs like a product a bank would offer, except with none of the regulatory safeguards.
Crypto.com recently announced a staff reduction of 260 people, as did Gemini, which said it would lay off 10% of its workforce â a first for the U.S.-based cryptocurrency exchange and custodian.
Coinbase announced it was laying off nearly a fifth of its workforce due to crypto volatility. The company had previously cut spending and even rescinded job offers in the hopes of stabilizing its business.
The chaos has spooked investors, erasing more than $2 trillion in value in a matter of months