What's going on in the crypto market? Much to many traders’ dismay, we were able to see the market prices of Ethereum and Bitcoin above $1.300 and $17.000 again on December 5. But is it finally time to invest in a coin, and more importantly, will the market be able to recover from the massive crash in cryptocurrency prices?
For the time being, things are looking up! Known as the most expensive cryptocurrency, Bitcoin broke above the $17,000 major resistance level and is heading toward $17,600, while Ethereum broke the $1,300 key resistance level and is heading toward $1350. Over the last 24 hours, overall crypto market volume grew 5.91% to $32.24 billion.
According to the market data from the Coin Market Cap, we’ve listed three of the top 100 coins that have gained and lost value in 24 hours as follows.
Disclaimer: Note that this is not investment advice and the following data is subject to change.
Some coins’ prices have come closer to what they once were on the crypto market, reinstating many traders’ hopes in cryptocurrencies in general. Even though these news come as a silver lining, many well-known crypto exchange companies have announced that they will be letting a considerable number of employees go due to the rising inflation rates and crashing market prices. Below, we’ve highlighted some of the recent announcements.
Cryptocurrency exchange Bybit is planning to cut its workforce by 30% amid a continued bear market. Co-founder and Chief Executive Officer Ben Zhou said on Sunday that all these moves are part of an ongoing reorganization aimed at refocusing the company. In addition, Zhou said in a statement that the layoffs would affect all departments.
Kraken, one of the world's largest crypto exchanges, announced on Wednesday that it will cut its workforce by 30%, or approximately 1,100 employees, in response to the crypto market downturn.
"Since the start of this year, macroeconomic and geopolitical factors have weighed on financial markets." Kraken said in a blog post.
Earlier this month, another exchange company Coinbase announced it was laying off 18% of its workforce. According to an announcement on Thursday, it is laying off more than 60 employees in its recruiting and institutional onboarding departments.
Kraken, that had slowed hiring and pulled back marketing spending earlier this year, said that it had to lay off many employees because it had exhausted other ways
Meanwhile, following the FTX crash this year, BlockFi filed for bankruptcy. In the end, these announcements will likely result in a detrimental effect on the price of cryptocurrencies. The top cryptocurrencies, however, are now trending belligerently as a result of the technical outlook. What’ll happen in the future? Time will tell.
With all the ups and downs, many of us have one question in our minds regarding cryptocurrencies. IS the market dead? Since cryptocurrency prices have plummeted spectacularly in the recent month, many users lost a big portion of their hard-earned crypto money in the market. Everyone expected a bottom, but this bottom was lower than anyone expected. In addition, the FTX crash caused chaos in the market, as anxious investors began pulling out their crypto funds.
With this chaos, there were falls in cryptocurrencies which was expected. Bitcoin's price has fallen 23% in a week. On the other hand, Ethereum has fallen 24% in a week. In addition, we can say that FTT, which is the FTX’s native coin, fell by more than 90% compared to other currencies.
Bitcoin once traded for almost $69,000 per coin, and it’s not the first fall for BTC this year. Previously, there were falls in May, June, and October
As these falls occur, the principle of ‘buy the dip’ comes to mind for many investors. But is this wise? Investors who buy at the dip hope to take advantage of the dips by reaping the rewards when prices rise again. But as everyone knows, cryptocurrency exchanges are volatile, and buying cryptocurrencies at any price is risky. Prices are at risk of returning to their previous levels and it could mean ruin for your investments. We’ll just have to wait and see how things will unfold. Though it’s always safe to stay mentally prepared for any outcome.
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