It seems like staff layovers are a hot topic on our DC Forecasts crypto news site as this year ends – and it seems like more crypto giants are confirming their plans to lay off staff amid the 2018 price rout of the crypto markets.
According to reports from the Hong Kong English-language newspaper South China Morning Post (SCMP) he newest companies on the list are the cryptocurrency giants Bitmain and Huobi. The Beijing-based Bitcoin mining firm and the major crypto exchange are both undergoing a series of adjustments.
A while ago, Bitmain reportedly stated:
“A part of [building a sustainable business] is having to really focus on things that are core to that mission and not things that are auxiliary. As we move into the new year we will continue to double down on hiring the best talent from a diverse range of backgrounds.”
SCMP noted that the exact number of layoffs is still unknown, but a spokesperson for the firm has reportedly denied that Bitmain could lay off over half of its employees which was a rumor that first circulated in Chinese social media.
Huobi Group, on the other hand, also confirmed plans to “optimize” its staffing by firing underachieving employees. To make things more neutral, the company has previously stressed that it continues to onboard staff “for its core businesses and emerging markets.”
Earlier this month, Bitmain had announced that it was closing its development center in Israel and firing local employees The blockchain firm ConsenSys has also reportedly made significant cuts to its staff, even though the founder wrote a letter in which he claimed the opposite.
New Jump For BTC: $8,500 Is “Again On The Table” According To Analyst
“On-chain momentum is crossing into bullish [territory]… The bottom is most likely in, any [move] lower will be just a wick in the macro view,” Woo said.There is also Glassnode, which is a crypto centric on-chain intelligence firm which recently noted that their metrics suggest that Bitcoin is bottoming and is slated to revert higher in a "strong" fashion.It is the Market Value to Realized Value (MVRV) which is implying the above mentioned, as well as showing that the crypto asset investors are believing in the topic. A reading of this would mark a bottom for the cryptocurrency market soon, too.At press time, Bitcoin is trading at $7,563 while the total market cap is $204 billion and the trading volume sits at $49 billion.
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Millennials Choose Bitcoin As Part Of Their Retirement Plans
“Propensity [to own crypto] peaked among younger respondents at 42 percent.” The Harris Poll last month found that among those aged 18 to 34, “nearly 1 in 3 prefers Bitcoin to government bonds, more than 1 in 4 prefers Bitcoin to stocks, nearly 1 in 4 prefers Bitcoin to real estate, and more than 1 in 5 prefers Bitcoin to gold.”With Charles Schwab’s findings regarding retirement savings, Grayscale Investments had an award-winning Drop Gold campaign and BTC was seen as the digital gold among the younger investors. As per other reports, millennials are likely to choose a crypto asset such as BTC if a recession strikes harder. The fear of recession has increased around the world. The traditional indicators for recession have started to show up clearly since the US treasury curve for the two-year and 10-year bonds has officially inverted starting from 2007. Also, the gold has started to rally as the stocks topped out. The global PMI readings also started to drop below 50 showing signs of recession among many other indicators. What is also concerning is that this is coming to many regions of the world and they are slowly developing chaos starting from the US-China trade war, the Hong Kong protests and the massive hyperinflation in Venezuela.
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