Cryptocurrency Markets Today: Kraken turn into the Latest Industry Giant to Cut Its Workforce

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The cryptocurrency exchange is cutting 30 percent of its global staff. ALSO: Bitcoin (BTC) surges along with equity markets on the Federal Reserve Chair’s dovish tone in a speech Wednesday.

Cryptocurrency Kraken is laying 30% of its global staff – around 1,100 people – in response to the cryptocurrency market downturn, the company stated Wednesday.

This post originally appeared in Cryptocurrency Markets Today, ’s daily newsletter diving into what in today’s cryptocurrency markets. Subscribe to get it in your inbox every day.

  • “Since the start of this year, macroeconomic and geopolitical factors have weighed on financial markets. This resulted in significantly lower trading and fewer client sign-ups,” Kraken stated in a blog post.
  • The cryptocurrency market has sunk this year, with  (BTC) (BTC) losing 63 percent of its  price since the end of 2021 and the total cryptocurrency  market capitalization down by greater than two-thirds in the past 12 months.
  • Corporations that ramped up staffing levels during the preceding boom years have had to cut back during the decline. This month alone, publicly traded exchange Coinbase  exchange (COIN) trimmed 60 positions, and Unchained Financial resources, a Bitcoin (BTC) financial-services firm, shed greater than 600.
  • As recently as June, Kraken stated it was looking to expand as other corporations laid off staff, flooding the market with experienced labor, saying it wanted to hire another 500 people.

Other News

Cryptocurrency prices rise: Bitcoin (BTC) (BTC) cracked the $17,000 threshold for the 1st time since the early part of November. The largest digital currency by market cap was recently currently worth about $17,060, up 3.6 percent in the previous 24 hours. Ether (ETH), the second- largest cryptocurrency in market  price, was recently hands just below $1,300, a 6.6 percent gain from Tuesday, same time. Other cryptocurrencies were largely moving upward, with UNI, the crypto token of the smart contracts-based Uniswap platform, up greater than 6 percent and well known meme cryptocurrency Dogecoin (DOGE) rising greater than 3%.

On the other hand, November is dismal: Bitcoin (BTC) in value by greater than 18 percent for the month and ether tumbled 21 percent the collapse of cryptocurrency exchange giant and the ensuing fallout. FTX filed for Chapter 11 bankruptcy protection little greater than a week after CoinDesk reported irregularities on the balance sheet of its trading arm Alameda Financial resources, and other corporations with exposure to FTX have been forced into mode. Nonetheless, several  crypto tokens soared over the mess, including BAND and LTC, which jumped 57 percent and 38%, respectively.

Equity markets enjoyed a memorable day as investors, buoyed by Fed Chair Jerome Powell’s dovish remarks at the Brookings Institution’s Hutchins Center on Fiscal and Monetary Policy on Wednesday, sent the tech-heavy Nasdaq up 4.4%, and the S&P 500, which has a strong technology component, and Dow Industrial Average rising 3 percent and 2.1%, respectively. Brent crude oil, a measure of energy markets, sank 0.2%.

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  • A key tone shift in cryptocurrency markets during the month was just how dramatically they diverged from the path of traditional markets. Stocks rose as investors processed speculation that the Federal Reserve might slow the pace of interest price hikes as soon as December. The S&P 500 is up 2.2 percent in November, while gold climbed 7.8%.

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