Blockchain.com Reduces Staff By 25% In Crypto Bear Market, Bitcoin Falls

Blockchain.com will lay off 150 employees, or 25 per cent of its workforce, the company has announced. 

A spokesperson informed CoinDesk through an email that the reduction will mimic the company’s staffing strength of January 2022. 

The exchange recently disclosed that financing to troubled hedge fund, Three Arrows Capital, had left them with a shortfall of $270 million. According to the corporation, 26 per cent of the affected employees are in the United States, and 44 per cent are in Argentina.

One of the oldest companies in the cryptocurrency sector, Blockchain.com, is also reducing its institutional lending business, stopping all mergers and acquisitions, along with pausing efforts to increase gaming. 

The demand was most active in Europe, the US, and Africa, the company said. The company, however, said that rather than gaming, it was brokerage that was driving up demand.

In other news, the Blockchain developer community has expressed surprise after Minecraft stated that it would not accept non-fungible tokens (NFTs). An NFT is a Blockchain-based, one-of-a-kind, non-editable digital currency that is widely bought using cryptocurrencies, such as Bitcoin. Any kind of digital asset, such as an MP3 or GIF, can be connected to an NFT.

According to the developer, Blockchain technology cannot be included in the Minecraft’s client or server software. Third-party NFTs, according to Minecraft, might not be trustworthy, and could end up costing gamers money. Blockchain technology won’t be applied to in-game content, like environment, skins, and personal goods, among others, to produce a valuable digital asset, the developer has said.

Crypto Prices

The price of Bitcoin (BTC) fell by 3.86 per cent in the last 24 hours, and it was trading at $22,767.93 at 5:15 pm. According to data from Coinmarketcap.com, its dominance in the crypto market is currently at 42.50 per cent, down by 0.28 per cent in the last 24 hours.

Ethereum (ETH) was trading at $1,491.62, down by 6.17 per cent, while Binance Coin (BNB) was down by 4.81 per cent in the last 24 hours. It was trading at $255.86. Solana (SOL) was down by 8.73 per cent to $40.93, while Cardano (ADA) was down by 8.77 per cent to $0.4816. 

Meme Coins

Dogecoin was trading at $0.06816 at 5:15 pm, down by 6.53 per cent on Coinmarketcap.com. Its rival, Shiba Inu, was trading in the green at $0.00001171. Samoyedcoin was down by 11.04 per cent, and it was trading at $0.01023, while Dogelon Mars was down by 12.72 per cent, and it was trading at $0.0000003436.

Overall Scenario

According to Coinmarketcap.com, the global crypto market cap was at $1.02 billion, a decrease of 4.39 per cent in the last 24 hours, while the total crypto market volume was $89.26 billion, registering a decrease of 15.19 per cent.