The worldwide cryptocurrency market capitalization is at $947.8 billion, up from $943.6 billion on Tuesday morning.
Web3 clients, including Coinbase Global Inc (NASDAQ:COIN), Gemini, BlockFi, and others, have responded to the intense cryptocurrency sell-offs by cutting workforces between 5% and 20% — a signal the crypto economy grew far too quickly and is reeling even faster.
FTX and Binance are said to continue hiring through the bear market.
Bitcoin, the most popular cryptocurrency, is down an additional 5.2% in the last 24 hours after dropping 13.25% on Monday. The coin is priced at $22,450.93, revisiting prices seen in December 2020.
Bitcoin isn’t alone in regards to the massive sell-off: altcoins including Ethereum, Solana, BNB, and Dogecoin are slumping into the week as well.
Read also: The Market Is Pricing In Back-To-Back 0.75% Interest Rate Hikes: What Investors Need To Know
Let’s unpack Tuesday afternoon.
Ethereum (CRYPTO: ETH)
The popular altcoin used mainly for the purchase of NFTs is at its lowest level in more than a year, trading at $1,221.76.
Solana (CRYPTO: SOL)
The “fast, secure, and scalable” coin is slightly rebounding, up 9.63% in the last 24 hours, trading at $29.63 on Tuesday.
BNB (CRYPTO: BNB)
Binance’s native coin is trading 2.19% lower to $222.79.
Dogecoin (CRYPTO: DOGE)
The ever-popular altcoin is trading 5% higher to $0.055.
Coinbase CEO @brian_armstrong announced today the difficult decision to reduce the size of the Coinbase team by 18%. More details and rationale in Brian’s email to employees, which has been made public for all to see � https://t.co/SpdZU3KdpS
— Coinbase (@coinbase) June 14, 2022
Tuesday’s major crypto news is from crypto juggernaut Coinbase. The company intends to cut 18% of its staff, CEO Brian Armstrong said.
“We grew too quickly: At the beginning of 2021, we had 1,250 employees. At the time, we were in the early innings of the bull run and adoption of crypto products was exploding,” he said.
“In the next hour every employee will receive an email from HR informing if you are affected or unaffected by this layoff. Every affected employee will receive an invitation to have a direct conversation with your HRBP and the senior leader of your organization.”
