Crypto firms are failing
Cryptocurrency startups are feeling the economic pressure which is resulting in a downward trend with lay-offs and withdrawal freezes.
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Subscribe for free to get more stories like this directly to your inboxOver the last 2 years, aided by a turbulent economy from the pandemic, the prices of Bitcoin and other cryptocurrencies have skyrocketed. And as one expected, crypto start-ups have been popping up left and right. However, after weeks of falling crypto prices, these once-lucrative start-ups are starting to feel the heat. On Tuesday, Coinbase announced that they’re planning to cut 18% of their staff. Before that, Celsius, an experimental crypto bank, halted all withdrawals. This phenomenon has attracted opinions from both tech and finance researchers alike. “The tide has gone out in crypto, and we’re seeing that many of these businesses and platforms rested on shaky and unsustainable foundations,” said Lee Reiners, a former Federal Reserve official, to a New York Times correspondent. While on the other hand, there are some crypto researchers who are confident that this will pass. “We have been in these downward spirals before and recovered,” Mr. Jones, the Science Inc. investor, said. “We all believe in the fundamentals.”
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