At one point, the price of the digital currency was reported to be $20,289. That's the lowest point in a year. According to a recent report, the most recent massive price falls were due to the sudden freezing ofCryptocurrencies by Celsius. There was a temporary halt to withdrawals. The coin fell to its lowest point in 15 months. Around one month after the Red Wedding moment, there is another spell of bad news.
The downturn isn't limited to fluctuations in prices. The firms are near a crisis. The CEO of the company wrote a letter to staff explaining that the company would need to lay off 18% of its employees due to overly optimistic growth and fears of a recession. He said that employee costs were too high to effectively manage the market.
While the biggest name in the space is announcing layoffs, they aren't the only ones that are bleeding. The layoffs of 20%, 10%, and 5% of staff were all announced by the same companies in a single week.
Don't tell them anything The Chinese exchange decided to move in a different direction this week, with CEO Changpeng Zhao announcing the company plans to hire 2,000 new employees.
The company had previously turned down Super Bowl ads, stadium naming rights, and sponsor deals, according to a suggestion made on the social networking site. The job openings are out of step with the current climate and may be welcome news for the growing group of newly unemployed workers.
The real winner of this whole situation is the thousands of fans for a flailing baseball or hockey team that would have had to spend their weekends in an arena.
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