Summary:
Since reaching an all-time high in November, the digital currency market has lost more than USD 1 trillion in value. Bitcoin and Ethereum, the top two cryptocurrencies in terms of market capitalization, have plummeted. Bitcoin’s price has dropped 42.1% from its November 10 peak of USD 69,044.77. At the time of writing, it was trading for roughly USD 39,949. Coinbase, the sole cryptocurrency exchange where you can buy and trade bitcoin and other cryptocurrencies, has announced that it will be recruiting heavily this year.
Details:
Despite decreasing digital currency rates, cryptocurrency exchange Coinbase will go on a hiring spree. Aside from the Super Bowl, which many dubbed “the Crypto Bowl” thanks to the staggering amount of advertisements shown by crypto businesses, the year has been marked by a string of negative news for the fledgling crypto sector. According to research firm CoinGecko, the digital currency market has lost more than USD 1 trillion in value since reaching an all-time high of more than USD 3 trillion in November.
Bitcoin and Ethereum, the top two cryptocurrencies in terms of market capitalization, have plummeted. Bitcoin’s price has dropped 42.1% from its November 10 peak of USD 69,044.77. At the time of writing, it was trading for roughly USD 39,949. Ethereum, for its part, plummeted 41.8% from the historic high of USD 4,878.26 reached the beginning of November. Its price is now oscillating between USD 2,838.26 and USD 2,838.26.
Coinbase hires 2k people this year.
The cryptocurrency market is being impacted by a reluctance to risky assets, owing in part to alarmist statistics on inflation, which raises expectations of an aggressive rate hike by the Federal Reserve. Furthermore, a probable tightening of the legislation is becoming obvious. According to press sources, the White House will shortly declare its strategy to the business. In the face of this onslaught of bad news, one would expect the sector’s key players to remain cautious, given there are more than enough certainties.
“For the future of Web3, we anticipate significant product prospects. We feel that our industry is in its infancy and that creating onramps for individuals to engage is vital to drive the next generation of crypto use cases.” Brock also stated: “We are firm in our commitment to grow for the long term, regardless of the crypto cycle. It has been one of the most important drivers of our success to date allowing to focus on scaling during the highs. It helps new individuals, introduced new to cryptocurrency. We get to focus on product innovation during the lows. We see a clear potential whether the market is up or down, making Coinbase one of the most exciting places to work right now.”
Credits: www.thestreet.com