Bitcoin Falls by Almost 5% – Coinbase Wants to Lay Off 18% of its Workforce

Today (June 15) Bitcoin price dropped 4.47% to $21,589.14.

The bitcoin price moved into negative territory this morning after the Dow Jones Industrial Average fell 151 points on Tuesday (June 14). Investors feared that the Federal Reserve (Fed) raising interest rates to curb inflation would plunge the U.S. economy into recession.

  • Dow Jones Industrial Average fell 151.91 points or 0.50% to close at 30,364.83 points.
  • The S&P 500 index fell 14.15 points, or 0.38%, to close at 3,735.48 points.
  • The Nasdaq Index rose 19.12 points, or 0.18%, at 10,828.35 points.

Movements in the Crypto Space

Coinbase Global Inc, the largest cryptocurrency trading platform in the U.S., announced yesterday that it will lay off 1,100 jobs, or about 18% of its workforce, to control costs amid market volatility.

The announcement of the layoffs came after Bitcoin plunged 14% while Binance, the world’s largest cryptocurrency trading platform, announced that it would temporarily suspend Bitcoin withdrawals.

Celsius Networks, one of the world’s largest cryptocurrency lending platforms, has announced a suspension of withdrawals, exchanges and temporary transfers between all accounts. The explanation was that the market is experiencing high volatility.

Coinbase says it will cost the company around $40-45 million to restructure the company. Meanwhile, revenue fell 35% to $1.17 billion in the first quarter.

According to Coinmarketcap.com, the market capitalization of all cryptocurrencies fell below the $1 trillion mark yesterday. This is the first time since Feb. 2021

Previously, the market capitalization of cryptocurrencies reached $2.9 trillion in November 2021. This is the highest level in history.

The Spot Market is Open

Wednesday, June 15, 2022

Crypto
Updated at
USD
Price

Change

%Change
11.35 BTC21,012.80-1,500.69-6.69
11.35 ETH1,127.80-95.20-7.80
11.35 LTC43.69-1.11-2.49
11.35 BNB211.80-13.59-6.04
11.35 XRP0.31-0.01-2.35
11.35 ADA0.46-0.05-10.32
11.35 DOT7.21-0.27-3.64
11.35 DOGE0.05-0.00-7.27
11.35 UNI3.63-0.14-3.60
11.35 LINK6.30-0.10-1.57

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