Only two months since entering 2023, thousands have been laid off in the digital currency industry, but hopes of a bull market remain, though it may not likely be the same as before.
Koinly has pruned its staff strength by 14% ahead of the incoming tax season, forcing to layoff 16 full-time employees in a move that has left the remaining staff bewildered.
Bybit CEO Ben Zhou announced on Twitter that the exchange would lay off workers across the board, blaming the “deepening bear market” for the exchange’s woes.
The exchange’s strategy of splashing on ads and partnerships backfired as the bear market set in, and it has scaled them down and laid off over 2,000 employees.
Compute North operates data centers for miners, including Marathon Digital and Hive Blockchain, but a $300 million loan has made it the latest bear market casualty.
The conditions are ripe for a long ‘crypto winter’ from which many coins will never recover, and as we can all see, it’s a multi-faceted problem with no easy solutions in sight.
Joshua Henslee released a video sharing his thoughts on why a second major crash in the digital currency sector is happening and why he thinks we’re entering a longer-term bear market.
Digital currency prices will continue on their downtrend, with a few bounces in between, at least until the first interest rate hike takes place, Patrick Thompson forecasts.
As a result of the down market in 2018, one South Korean expert estimates that between 70-80% of South Korean miners have ceased operation.
Cryptocurrency merchant bank Galaxy Digital Holdings reported a loss of $76.65 million for the third quarter, as it was weighed down by persistently low digital asset prices over the past year.