Cryptocurrency crisis: Job cuts at Coinbase, the largest US cryptocurrency exchange

Cryptocurrency crisis: Job cuts at Coinbase, the largest US cryptocurrency exchange

Job cuts at Coinbase, the largest US cryptocurrency exchange

Bitcoin and other cryptocurrencies are currently losing value at a daily rate, which has investors on edge. The largest US cryptocurrency exchange, Coinbase, has announced that it will be cutting its staff.

It’s not a joke these days, in the field of cryptocurrencies. The sector is facing a crisis of unprecedented magnitude and the environment is plagued by growing nervousness.

The largest US stock exchange in the sector, Coinbase, wants to drastically reduce its workforce. It is a question of reducing expenses in order to be able to resist in the event of a prolonged economic slowdown, explained Tuesday its director-general, Brian Armstrong.

Great nervousness in the market

The online trading site for digital assets, such as bitcoin, wants to lay off around 18% of its employees, or some 1,100 people. Inflation and recession fears are currently causing great nervousness among investors, which has recently put the cryptocurrency market under severe pressure.

Fall in stocks

Coinbase shares have fallen by more than a quarter in the past five trading days alone. Cryptocurrency exchanges of this type earn money from commissions taken from transactions in bitcoin and other digital currencies. When trade slows, their business suffers.

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