Executives of cryptocurrency exchanges are bracing for a long, cold crypto winter characterized by layoffs, according to Bloomberg. The reasons for concern include the cratering of crypto prices from their dizzying heights, the FTX debacle, an implosion of a number of crypto platforms and higher interest rates, which dissuade investors from purchasing risky investments. Bitcoin, the most prominent digital asset, dropped below $16,000 in November, only a year after it hit a record high of $69,000 in November 2021. It is now trading in the $17,000 range at the time of writing this. The crypto sector saw its market capitalization plummet from around $3 trillion to about $900 billion. These issues have frighted both owners of digital assets and potential buyers of altcoins. In addition to a bear market, well-known crypto exchanges, including Terra Luna, Celsius, Voyager, FTX, Alameda, 3AC, BlockFi and others, collapsed or filed for bankruptcy protection. Crypto Layoffs In light of their brutal change in fortunes, crypto companies have enacted layoffs to cut costs and curtail their plans for growth. CoinDesk reported that more than 26,000 jobs have been lost, as of December 5. Notable Layoffs In Recent Months...... https://www.forbes.com/sites/jackkelly/2022/12/06/why-more-than-26000-people-were-laid-off-in-the-crypto-sector-this-year/?sh=43f8049a4511 #layoff #Crypto TC 500K+
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It is not a "crypto winter". What we are seeing is the slow collapse of the crypto pyramid scheme. The crypto pump and dumpers are cleverly calling it a "winter" to imply there will be a crypto spring again. Sorry. There is no use case for these worthless tokens. And given that many exchanges went down, taking customer "assets" with them, means retail buyers are out of this game. The remaining trading we are seeing is the whales buying and selling crypto to one another.
Crypto is a scam.
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What's use case of crypto?
Pump and dump
This.