Crypto.com, BlockFi And More C | Celsius Pauses Withdrawals – 132
Today we called a little bit of it last night. A lot of it is surrounding the celsius problem of shutting off. Of course, some withdrawals swaps that sort of thing, but we also have more cryptocurrency news. As far as like what are all these companies doing and crypto.com is to cut almost 260 jobs and make the market root. The company is the largest crypto firm to announce job reductions, joining gemini and rain, financial among others, coinbase as well dont forget crypto.com, will cut almost five percent of its workforce or about 260 employees. Ceo chris marzolick said in a tweet over the weekend. Our approach is to stay focused on executing against our roadmap and optimizing for profitability, as we do so. That means making difficult and necessary decisions to ensure continued and sustainable growth for the long term by making targeted reductions of approximately 260 or five percent of our corporate workforce. End quote: he said in tweet thread: crypto.com is a singapore pace based cryptocurrency exchange that offers mobile trading application. Payment and lending services joins other major crypto companies laying off employees a mid turbulent market downturn. Winklevoss twins lead, exchange, gemini cut about 10 percent of its workforce and middle eastern crypto exchange rain financial among other companies, said it was cutting dozens of jobs. Coinbase said it would be rescinding some job offers and would pause hiring to cut costs as well. Overall, like this is obviously impacting me a lot im going to.
Let you guys know how this plays out. For example, i lost my original rep, so i have a new rep. She seems great, no problems there. It looks like my invoices are still going through. There was some questions about. I guess my contract renewal didnt get submitted uh, so i got got to make sure that that it was both counter signed and signed. So i hope everything is good. There ill keep you guys up to date, because that is they are. What that that sponsorship, in particular, for this show, is what will keep us going through this bear market so uh, hopefully, im not part of that cut. Now i im a little different im, a content creator and we have con a contract right so might be a little bit more safe than say like an employee. But you never know what could happen right and the number one thing that i have to lean on and well talk about. This more is going to be, of course, the community like without you guys, thats whats gon na you know, without you guys, thats this isnt possible at all, so im definitely gon na figure out ways, maybe that we can build this up from the community perspective and Keep covering crypto, for you, know the through the bear market and into 2024, which obviously is like one of those things that like were in this section now, where a lot of new people are coming in so to the new people that have come into crypto.
Maybe you came in off the huge hype. Maybe you didnt even know about crypto, for the last super cycle lets be clear. Nothing that is happening right now is unexpected, like this is all par for the course so far. In fact, down to the t like, if we settle out right here down to the t, the exact prediction that ive been talking about pretty much all year, which is ethereum at 1100, us dollars and bitcoin at 21 – 000 us dollars. If it stays here now, could it go lower? Yes, it could go lower. My kind of thought behind it going lower just to be clear for everybody is that we would see a dip down and then a recovery back right. So when all of this kind of crashes out, you get a little bit lower and then comes back up thats, at least in relation to bitcoin now ethereum has a whole other problem going on, and you know that is what we covered in last nights. Video and the reason for that is because of all of this staked ethereum on the beacon chain that has been getting sold to people without the ability to actually withdraw said ethereum, so it doesnt have any backing part of that comes from. Of course, the memo to the celsius community that we kind of spurred on the video last night to talk about it, but you need to know that celsius has turned off pretty much all of their withdrawals, swaps and transfers between accounts.
If i didnt mention that, as far as on the back end, most likely theyre utilizing all those same, defy tools right your uniswaps, etc, to take your crypto, that youve invested with them and then reinvest it over here into a platform. Add liquidity or, in the case of ethereum, add the staking and then sit on it, make the money and then obviously theyre supposed to pass that on to you. It doesnt work when, in like the case of ethereum, we have withdrawals for the actual staked ethereum withdrawals within the actual layer, one not enabled right and thats a big problem. I go into it more detail, of course, on yesterdays video. So definitely go check that out. I hope you enjoyed this clip from the crypto mining morning show every monday through friday, 7 45 a.m, pacific and 10 45 a.m. Eastern time you can check out more clips here or, if youre interested in checking out the entire live show.