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Crypto Giants Bitmain & Huobi Are Preparing For Staff Layoffs

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31603 424x282 Cut jobs - Crypto Giants Bitmain & Huobi Are Preparing For Staff Layoffs

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.

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Analysis

New Jump For BTC: $8,500 Is “Again On The Table” According To Analyst

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new jump for btc
Ever since Bitcoin (BTC) tapped $6,500 in late November, we could see that analysts were wondering if the bottom is really in. In the latest Bitcoin news, we can see that the leading cryptocurrency managed to post a new jump for BTC by 20% from $6,500 and hit $7,850 just a week after that.At press time, BTC is trading at $7,500 and is seemingly trying to establish a market trend for the coming week. Even though some say that Bitcoin is unable to move past the resistance in the high $7,000 area and is decisively bearish, one analyst thinks that the odds are leaning in favor of bulls.The popular trader Mr. Chief (also known as Halo Crypto) recently said that there could be a new jump for BTC and that the ball is finally entering the playground of the bulls. He also noted that the inverse chart of Bitcoin shows that the cryptocurrency has broken below (above) a key - a trend line which has been in place for over six weeks. The asset is right now situated in a descending channel which implies a potential move to $8,500.A move to $8,500 would mark a 15% rally from the current price levels.https://twitter.com/HaloCrypto/status/1203144682177548288However, it is not only halo that is expecting a new big jump for BTC. According to previous reports by Willy Woo who is a popular on-chain metrics analyst, a proprietary indicator lets him believe that bulls will soon gain the upper hand again.
“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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Bitcoin News

BTC Bull Narrative Rushes Further As Selling Signals Dissolves

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btc bull narrative
The BTC bull narrative seems to be going strong and as it was  reported by our Bitcoin news  just days ago, the opening of the current month was upsetting for Bitcoin (BTC) for only one reason: the open of the December candle sparked a “sell” signal for the currency’s price on the Market God v7 indicator which is designed by Thies the known crypto analyst.The analyst noted that he made the indicator to “eliminate” emotion from his trading and instead rely on algorithm-driven signals and plans to “short the corn”. This was looked upon as bearish, because the previous time the indicator gave signal was in April, which was before the move that took the price of Bitcoin (BTC) to $ 3,150 from five digits, before giving a buy signal near the bottom.Nonetheless, according to Thies's latest check of the indicator, the “sell” signal dissolved as bears failed to continue pushing for lower Bitcoin (BTC) price. The last time this happened was in May of 2018, before Bitcoin’s prolonged historic fall from the $10,000s to the $3,000 in the seven-odd months that followed as per the BTC news previously reported.Irrespective of the evaporation of Theis’ “sell” signal on the one-month hints that bulls are beginning to gain strength on a macro level again, probably in expectation of the Bitcoin (BTC) halving expected in May 2020. Thies’s signal or the lack of the same, give the signal that bullish convergence is building for Bitcoin investors.On Friday, Hans Hauge, a senior quantitative researcher at Ikigai Asset Management- crypto fund based in Los Angeles- posted a large Twitter thread on why the outlook of Bitcoin (BTC) continues in a wildly positive heading out years into the future which shows that the BTC bull narrative is still strong.As per the recent analysis from Deutsche Bank, in which the multinational banking juggernaut gave an estimation that the number of Blockchain Wallet (blockchain.com) users could surpass over 200 million- about six times higher than where the sum finds itself at this time- by 2030. In the same report was included a professional opinion of certain analysts from Deutsche Bank, who claimed that Bitcoin (BTC) can replace fiat should issue persist in the financial system. In addition, he mentioned that the (former) chief executive of Bitcoin exchange and infrastructure company Bakkt is now a U.S. Senator.
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Bitcoin News

Millennials Choose Bitcoin As Part Of Their Retirement Plans

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millennials choose
Millennials choose bitcoin as a part of their retirement plans according to the latest research by Charles Schwab that we have in our bitcoin news today.According to the research,  the benchmark cryptocurrency is the number one choice for millennials as a retirement plan. In the brokerage firm’s industry, number one benchmark on retirement portfolio participant investment activity in the brokerage accounts, a breakdown of individual equity holdings among American Baby Boomers, Gen Xers and Millennials were compared.While Apple and Amazon dominated the top two holdings as a percentage share of equities among the groups, Grayscale Bitcoin Trust was the number five choice for millennials which represents up to 1.84 percent of the equity holdings. GBTC was even more popular equity holding that stalwarts Berkshire Hathaway, Netflix, Alibaba, Microsoft and Disney among the generation. Millennials choose BTC and Berkshire Hathaway was the third most popular holding among the Gen X investors and boomers.As per the BTC data are taken from the Q3 of the year, we can see that Blockchain Capital Blog’s found:
 “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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Bitcoin News

Hidden Signs Of Reversal May Drive BTC To $8,200 Soon

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hidden signs of reversal
This week, we can see that Bitcoin (BTC) continued its trading in the $7,000 region and declined more against the US dollar. At the time of writing, BTC is trading at around $7,570 but analysts say that hidden signs of reversal may drive the price of the cryptocurrency upwards to the highs of $8,200.The Bitcoin news updates can show such positive signals only if the bulls align and the market forgets the moments of high volatility on the lower timeframes. All of these are signals that are often leading to a larger move simmering beneath the surface.We can also see that while there may be hidden signs of reversal, the wider market remains in a similar position. Some altcoins like Ripple's XRP token, however, have slightly outperformed Bitcoin over the past 24 hours.When analyzing the weekly chart, we can see that Bitcoin has fundamentally been locked in a bearish posture for around six months and this is defined by the downward sloping diagonal resistance. The major resistance lately was found at $11,500 as the $9,500 and $7,500 support eventually turned into resistance.On the other hand, support is now at $6,500 and has posted a critical bullish rejection level in the first half of the year. It is demonstrative of a high volume node on the VPVR. As the hidden signs of a reversal pop up,  BTC is trading up against the previous support which has flipped to resistance. The Doji candlestick is a clear sign of indecision in the market as traders are pushing price within a clear range and coming back to the center.Judging by the current cryptonews, the bulls and bears are struggling to find a direction - and the Bitcoin price now can either reverse course or find a continuation of the previous candle. Ultimately, the current price action defines the week to date in a nice way.Generally speaking, the volume on spot exchanges has been decreasing through the six-month decline which is typically a sign of sellers becoming exhausted as each push lower entices even less traders to sell.To sum things up, the market is now in a downtrend so any bullish sign must be taken lightly. Still, the hidden signs of a reversal make it clear that Bitcoin's price action is attempting to flip to the bullish side. 
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