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Tag Archives: Bitcoin Bear Market

Bybit to Lay Off 30% of Workforce Amid Colder Crypto Winter

With bitcoin firmly standing below $20,000, it’s visible that the bear market still remains in the spotlight, which harms native businesses. Miners and exchanges have been hit the hardest. Amid numerous trading platforms laying off staff members, the latest to join this trend is Bybit. Bybit to Cut Off 30% of Staff The overall cryptocurrency landscape is significantly different than what it was a year ago when prices were riding high, and there were new ATHs charted...

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Kraken Slashes 30% of Workforce Amid Bear Market Pressure

Kraken is the latest cryptocurrency exchange that’s been forced to downsize in the face of macroeconomic headwinds and a devastating crypto bear market.  According to an announcement from the firm on Wednesday, leadership has been forced to slash 30% of its workforce, amounting to 1100 workers.  The reduction in size takes Kraken’s headcount back to where it was 12 months ago. The firm said it was forced to grow fast over the past few years to keep up with client demand. ...

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LINE’s Crypto Exchange Bitfront to Shut Down Amid Bear Market

Bitfront – a cryptocurrency platform operated by internet company LINE Corporation – announced it will cease its services as of March 31, 2023. The entity asserted that its decision is not related to the recent collapse of FTX. The US-based exchange Bitfront informed its customers they should withdraw their assets by the end of March 2023 as it will halt all services and delete their information after that date.  It has already suspended new registrations and credit card...

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Bear Market Effects: Installation of New Crypto ATMs Slows Down

The latest figures show that the first eleven months of 2022 have seen the installation of 6,100 new crypto automated teller machines (ATMs). The temps have significantly slowed down due to the ongoing bear market. In comparison, over 20,300 crypto ATMs popped up in 2021 (when bitcoin and many altcoins charted their all-time high prices). Change of Trends The skyrocketing prices of most digital assets last year and the huge investor interest have prompted the planting of...

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Despite Crypto Winter, Bitwise Files for Bitcoin Futures ETF in the US: Report

Over a year after the first Bitcoin futures ETF went live in the States, Bitwise has filed to launch its own such product. This comes despite the ongoing bear market, which has seen prices decline and investor interest evaporate. Citing a filing with the US regulators, the Bloomberg report informed that Bitwise’s product would be called Bitcoin Strategy Optimum Yield ETF, under the ticker BITC. Similar to the previously approved ETFs in the US, this one would not hold the...

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Crypto Exchange Bitget Expands to Africa. Plans To Hire 400 New Workers

The cryptocurrency winter has been colder for some than others. While some cryptocurrency exchanges are forced to conduct massive employee layoffs to weather the bear market, others like Bitget continue to make massive hires to improve their services. On November 25, the cryptocurrency and crypto derivatives exchange Bitget announced its registration in the Seychelles, Africa, as a means to facilitate its global expansion. As reported by The Cryptonomist, Bitget plans to...

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Bitcoin Mining Firm Core Scientific Lost $1.7 Billion in 2022

Public-traded Bitcoin mining company Core Scientific has lost about $1.7 billion since the start of the year, according to its quarterly report filed with the United States Securities and Exchange Commission (SEC) on Tuesday. The filing shows that the firm recorded its second consecutive quarterly loss at the end of Q3. The Bitcoin miner lost $435 million in Q3 and $862 million in Q2, bringing its net loss for the year to a staggering $1.7 billion. Core Scientific Seeks Fresh...

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Bitcoin Shorts Hit Two-Year Record As The FTX Collapse Makes Waves, CoinShares Reports

As bad news regarding FTX’s bankruptcy keep appearing in crypto (and mainstream) media, investors have rushed to bet against bitcoin and the crypto market, with bear positions hitting two-year highs. According to the “Digital Asset Fund Flows Weekly Report” from European cryptocurrency investment firm CoinShares, a bearish sentiment took hold of the crypto market during the last week to such an extent that short positions accounted for 75% of all trades in the market. This...

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Genesis Will Go Bankrupt Without Fresh Funding: Report

Genesis, the crypto brokerage platform that froze withdrawals last week, may resort to bankruptcy if it fails to raise money from potential investors, according to people familiar with the matter. As reported by BNN Bloomberg, Genesis has spent the past several days attempting to raise $1 billion in capital from potential investors. This backs up a Wall Street Journal report from Friday, which claimed the trading firm was unsuccessful in its endeavor.  Bloomberg stated that...

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$11K or $9K: Bitcoin’s Expected Bottom Based on Previous Bear Markets

The past year or so has not been kind to the primary cryptocurrency, following many industry and macroeconomic adversities. Even though the asset has lost roughly 80% of its value since the all-time high last November, some estimations show that it could drop further, perhaps to the four-digit territory. It was approximately a year ago when the industry was booming, led by the massive gains charted by the largest cryptocurrency. Perhaps fueled by the futures ETF launched in...

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