The gloom in cryptocurrency continued to Tuesday as bitcoin dipped below $21,000 US at one point. One of the biggest trading platforms in the sector also announced it will be laying off 18 per cent of its staff. The platform Coinbase made this announcement and it just went public in a highly touted IPO last year.
The company’s president Brian Armstrong said “it is now clear to me that we over-hired.” The company has been boosting its headcount by more than 300 per cent since the start of 2021. He explained that “we appear to be entering a recession, … A recession could lead to another crypto winter, and could last for an extended period.”
The value of bitcoin has fallen by 20 per cent in the past three days. The cryptocurrency hit an all-time high near $70,000 US last November.
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