Bitcoin, ethereum and other major cryptocurrencies have suffered a brutal crash over the last few months—with investors told to brace themselves for an economic “hurricane.”
The bitcoin price has dropped to under $30,000 per bitcoin, down from almost $70,000 late last year. The ethereum price has seen even sharper falls while other top ten cryptocurrencies BNB, XRP, solana and cardano have cratered.
Now, billionaire bitcoin twins Cameron and Tyler Winklevoss have been forced to lay off 10% of the workforce at their Gemini crypto exchange—warning the market has entered a “contraction phase” known as “crypto winter.”
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The bitcoin price has lost more than 50% over the last six months, plunging major coins ethereum, … [+]
“The crypto revolution is well underway and its impact will continue to be profound,” the twins wrote in a memo to staff.
“But its trajectory has been anything but gradual or predictable. Its path can best be described as punctuated equilibrium—periods of equilibrium or stasis that are punctuated by dramatic moments of hypergrowth, followed by sharp contractions that settle down to a new equilibrium that is higher than the one before. This is where we are now, in the contraction phase that is settling into a period of stasis—what our industry refers to as ‘crypto winter.'”
The crypto price crash has wiped more than $1.5 trillion worth of value from the combined crypto market in recent months.
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The bitcoin price has swung wildly over the last year, soaring to almost $70,000 per bitcoin before … [+]
Elsewhere, another major crypto exchange Coinbase has announced it’s extending its hiring freeze indefinitely and has had to rescind some already accepted job offers.
“We will extend our hiring pause for the foreseeable future,” Coinbase chief people officer LJ Brock wrote in a blog post, pointing to the crypto crash as weighing on its business. “We will also rescind a number of outstanding offers for people who have not started yet.”
