Warnings of an imminent bear market hit the cryptocurrency markets. Crypto analysts told investors to prepare for an extremely cold ‘crypto winter’ following Terra Luna collapse. Are the bearish warnings justified or fictionized?
Filled with ulterior motives and conflicting views, we will attempt to assess whether Bitcoin is poised for further selling or perhaps the downtrend is coming to an end.
source: tradingview
The bearish predictions for Bitcoin had repercussions. Some crypto exchanges have taken measures to prepare for the crypto winter.
Gemini and Coinbase Halt Recruitments
Gemini Trust Co., a popular crypto exchange owned by 2 brothers (twins), Tyler and Cameron Winklevoss announced the company will cut 10% of its workforce:
“We are now, in the contraction phase that is settling into a period of stasis, what our industry refers to as ‘crypto winter’. This has all been compounded by the current macroeconomic and geopolitical turmoil. We are not alone.
“To that end, we have asked team leaders to ensure that they are focused only on products that are critical to our mission and assess whether their teams are right-sized for the current turbulent market conditions that are likely to persist for some time.
“After much thought and consideration, we have made the difficult but necessary decision to part ways with approximately 10% of our workforce.”
Coinbase initially slowed the pace of hiring new employees but then announced it is pausing hiring “for both new and backfill roles for the foreseeable future.”
“In response to the current market conditions and ongoing business prioritization efforts, we will extend our hiring pause for both new and backfill roles for the foreseeable future and rescind a number of accepted offers.
“Two weeks ago, we paused hiring while we took time to reprioritize our hiring needs against our highest-priority business goals. As these discussions have evolved, it’s become evident that we need to take more stringent measures to slow our headcount growth.
“Adapting quickly and acting now will help us to successfully navigate this macro environment and emerge even stronger, enabling further healthy growth and innovation.”
Bitcoin Miners Began Selling BTC
Bitcoin miners that have been accumulating Bitcoin rewards are becoming increasingly concerned. Bitcoin’s current levels are adding pressure on the crypto miners to liquidate their holdings…
