Bitcoin News: Live: Coinbase Cryptocurrency Exchange fires staff amid price collapse Sign up for free to continue reading Sign up for free to continue reading

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Bitcoin has fallen below $ 24,000, hitting its lowest levels since late 2020.

More than $ 200 billion was wiped out of the entire cryptocurrency market Monday morning.

It is the latest in a series of falls in cryptocurrency prices, which have seen it fall by more than 60 percent in value over the past seven months.

While many crypto-holders are liquidating their assets, cryptocurrency lender Celsius told customers they could temporarily withdraw funds from the platform.

Coinbase has also announced that it is eliminating more than 1,000 employees after previously terminating job offers. The company made $ 800 million last year.

Key points

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Other cryptocurrencies are shrinking

In addition to Coinbase, BlockFi CEO Zac Prince says the company will “shrink.” [its] staff by about 20 percent “. also announced it was laying off 260 employees.

Adam Smith June 14, 2022 5:00 p.m.


“Yes [Celcius] enters full liquidation mode, then you will have to close these positions, “said Omid Malekan, an adjunct professor at Columbia Business School. There has also recently been a clash between technological actions.

Adam Smith June 14, 2022 4:20 p.m.


Cryptocurrency investors are worried about another downturn

“In the medium term, everyone is gearing up for more disadvantages,” Mikkel Morch, chief executive of the ARK36 cryptocurrency hedge fund, told CNBC.

“Bearish markets have a way of exposing previously hidden weaknesses and over-leveraged projects, so we may see events like the shutdown of the Earth ecosystem recur last month.”

Monsur Hussain, senior director of financial institutions at Fitch Ratings, also told the publication that the liquidation of Celsius’ assets would further undermine the valuation of cryptocurrencies, leading to a wider round of contagion within the crypto sphere. “.

Adam Smith June 14, 2022 4:00 p.m.


Adam Smith June 14, 2022 3:40 p.m.


El Salvador’s bitcoin is falling

(The Independent)

Adam Smith June 14, 2022 3:30 p.m.


Coinbase users could lose their encryption

Last month, Coinbase warned users that their cryptocurrency could be at risk if the exchange ever went bankrupt.

“Because the cryptographic assets held in custody may be considered the property of a bankruptcy estate, in the event of bankruptcy, the cryptographic assets we hold in custody on behalf of our clients may be subject to bankruptcy proceedings and such clients may be treated as our unsecured general creditors, ”the warning says.

Adam Smith June 14, 2022 3:14 p.m.


More than 1000 people to leave Coinbase

Coinbase reportedly has about 5,000 full-time employees, which means about 1,100 people will lose their jobs.

Adam Smith June 14, 2022 3:00 p.m.


Coinbase employees should receive HR emails telling them if their job was affected, he said. They would be sent to their personal email addresses as fired people would immediately lose access to the company’s systems, Andrew Griffin reports.

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Coinbase executives are $ 1.2 billion richer

Coinbase’s Brian Armstrong and Fred Ehrsam, along with two other executives, raised about $ 1.2 billion in revenue from the sale of shares.

They sold the shares at prices ranging from $ 189 to $ 422. Coinbase opened at $ 381 on April 14, 2021, its first trading day. Shares closed at $ 67.17 on Wednesday, the Wall Street Journal reported.

This huge profit comes when Coinbase eliminates more than 1,000 staff members.

Adam Smith June 14, 2022 2:21 p.m.


Coinbase says a “crypto winter” is approaching.

Coinbase cryptocurrency exchange will lay off 18 percent of staff amid fears of an incoming “cryptocurrency winter.”

Brian Armstrong, CEO and co-founder of Coinbase, said he admitted that the company had grown too fast and was to blame for at least some of its problems.

But now he was facing a situation in which he had to lay off a large part of his workforce in order to keep the company safe in the face of any future economic crisis, he said.

Coinbase employees had to receive HR emails to tell them if their work was affected, he said. They would be sent to their personal email addresses, as the fired people would immediately lose access to the company’s systems.

Adam Smith June 14, 2022 2:00 p.m.

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