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What Happened Last Week in the Crypto Industry? (19-01-2024)
What Happened Last Week in the Crypto Industry?
The crypto industry experienced one of its worst weeks ever, as a combination of factors triggered a massive sell-off across the board. Here are some of the main events that shook the market and what they mean for the future of crypto.
- Trading platforms halt withdrawals: Several major crypto exchanges, including Binance, Coinbase, Kraken and Bitfinex, faced technical issues that prevented users from accessing their funds or withdrawing them. Some platforms blamed the high network congestion and fees, while others cited security breaches or maintenance. The withdrawal freezes caused panic and frustration among traders, who were unable to exit their positions or move their assets to safer wallets.
- Crypto companies cut jobs: As the crypto market plunged, some crypto companies announced layoffs or restructuring plans to cope with the downturn. For example, ConsenSys, the leading Ethereum development studio, said it would cut 14% of its staff and split into two entities: ConsenSys Software and ConsenSys Mesh. BlockFi, a crypto lending platform, also confirmed that it would reduce its headcount by 15%. The job cuts reflect the challenges that crypto companies face in sustaining their growth and profitability in a volatile and uncertain environment.
- Market cap falls below $1 trillion: The crypto market lost more than $2 trillion in value since its peak in November 2021, when it reached over $3 trillion.
cryptonewsmart.com/what-happened-last-week-in-the-crypto-...
What Happened Last Week in the Crypto Industry? (19-01-2024)
What Happened Last Week in the Crypto Industry?
The crypto industry experienced one of its worst weeks ever, as a combination of factors triggered a massive sell-off across the board. Here are some of the main events that shook the market and what they mean for the future of crypto.
- Trading platforms halt withdrawals: Several major crypto exchanges, including Binance, Coinbase, Kraken and Bitfinex, faced technical issues that prevented users from accessing their funds or withdrawing them. Some platforms blamed the high network congestion and fees, while others cited security breaches or maintenance. The withdrawal freezes caused panic and frustration among traders, who were unable to exit their positions or move their assets to safer wallets.
- Crypto companies cut jobs: As the crypto market plunged, some crypto companies announced layoffs or restructuring plans to cope with the downturn. For example, ConsenSys, the leading Ethereum development studio, said it would cut 14% of its staff and split into two entities: ConsenSys Software and ConsenSys Mesh. BlockFi, a crypto lending platform, also confirmed that it would reduce its headcount by 15%. The job cuts reflect the challenges that crypto companies face in sustaining their growth and profitability in a volatile and uncertain environment.
- Market cap falls below $1 trillion: The crypto market lost more than $2 trillion in value since its peak in November 2021, when it reached over $3 trillion.
cryptonewsmart.com/what-happened-last-week-in-the-crypto-...