The worldwide cryptocurrency market capitalization is at $943.6 billion on Tuesday morning, down from $968 billion just 24 hours ago.
Investors are continuing to sell off crypto assets amid heightened inflationary pressures and a looming recession.
Web3 clients, including Coinbase Global Inc (NASDAQ:COIN), Gemini, BlockFi, and others, responded to the steep drop in crypto by cutting workforces between 5% and 20% – a signal that the crypto economy grew far too quickly, and is reeling even faster.
Bitcoin (CRYPTO: BTC), the most popular cryptocurrency, is down an additional 4.63% in the last 24 hours after dropping 13.25% on Monday. The coin is priced at $22,429.93, revisiting prices seen in December 2020.
Bitcoin isn’t alone in the massive sell-off; altcoins including Ethereum, Solana, BNB, and Dogecoin are slumping into the week.
Let’s unpack Tuesday morning.
Ethereum (CRYPTO: ETH)
The popular altcoin used mainly for purchasing NFTs is at its lowest level in more than a year, trading at $1,221.18.
Solana (CRYPTO: SOL)
The “fast, secure, and scalable” coin is slightly rebounding, up 13.95% in the last 24 hours, trading at $30.15 on Tuesday.
BNB (CRYPTO: BNB)
Binance’s native coin is trading 2.54% higher to $225.64.
Dogecoin (CRYPTO: DOGE)
The ever-popular altcoin is trading 5% higher to $0.056.
Coinbase CEO @brian_armstrong announced today the difficult decision to reduce the size of the Coinbase team by 18%. More details and rationale in Brian’s email to employees, which has been made public for all to see � https://t.co/SpdZU3KdpS
— Coinbase (@coinbase) June 14, 2022
Tuesday’s major crypto news is from crypto juggernaut Coinbase. The company intends to cut 18% of its staff, CEO Brian Armstrong said.
“We grew too quickly: At the beginning of 2021, we had 1,250 employees. At the time, we were in the early innings of the bull run and adoption of crypto products was exploding,” he said.
“In the next hour every employee will receive an email from HR informing if you are affected or unaffected by this layoff. Every affected employee will receive an invitation to have a direct conversation with your HRBP and the senior leader of your organization.”
