Following the news that Coinbase, Gemini, Cypto.com and BlockFi are laying off staff whereas Binance will continue to hire
Dr Lil Read, Senior Thematic Analyst at GlobalData, a leading data and analytics company, offers her view “We’re plummeting into a cold crypto winter, and we haven’t hit the freezing point yet. Rumours and fears are swirling that bitcoin will drop below $20,000 amid wider volatility in financial markets and sell-offs in other asset classes. This is a generous, rose-tinted outlook on a 6-to-12-month view. Bitcoin, Ethereum and other coins have plunged in value, and the bottom is yet to come.
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“Volatility is nigh on synonymous with crypto, and some can weather the storm better than others. Coinbase, Gemini, Crypto.com, and BlockFi have begun laying off staff, whereas Binance will continue to recruit talent – many of whom are now unemployed and looking for their next job. Binance’s vision is clearer – while others fire, it will hire. This mindset will position Binance well during future predictable unpredictability.”
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