Saturday, September 23, 2023

Binance Expands while Others Terminates


While other bitcoin exchanges are shedding employees, the world’s largest is apparently hiring. As per Fortune magazine, Binance is capitalizing on the crypto winter, with its CEO stating that the exchange is increasing recruiting right now.

As a result, if developers are experiencing a crypto winter, they will maximize their leverage and utilization. Changpeng Zhao was stating this previously at the Consensus 2022 meeting in Austin, Texas.

Binance co-founder Yi He further says in a statement that there were presently 2,000 open positions for engineers, product, advertising, and business planning. She went on to say that the crypto industry is still in its early phases. Moreover, it will be a perfect moment to bring on the best players.

Several other exchanges and large organizations in the digital asset market are laying off employees as the price of almost every coin falls. In the early hours of Tuesday morning, the value of Bitcoin momentarily falls below $21,000. The nation’s biggest crypto by market capitalization reaches a 52-week low.

As per CoinMarketCap statistics, the price plummets by $20,950 prior to actually recovering to roughly $22, 620. This is a decline of more than 6% on the day. Bitcoin’s existing market value of $430 billion decreases by more than 66% from its all-time high of $68,789 throughout November 2021. As per Coinglass statistics, Bitcoin has the most liquidation in the crypto industry. It currently has $531.62 million within the last 24 hours.

Possible Imminent Collapse

Gemini, Coinbase, as well as confirm their layoffs. Moreover, crypto lending provider BlockFi mentions yesterday that it was laying off approximately 20% of its workers. Several major Latin American exchanges, like Bitso and Mercado Bitcoin, recently announces price drops.

Crypto businesses are rationalizing the layoffs by citing a probable recession. Accordingly, this is lowering the value of everything, from Wall Street shares to Ethereum on DEX.

Ethereum’s value is dropping about 20% in the last day and hanging around $1,200 this morning. Hence, several crypto traders and industry observers are preparing for a historic collapse back into the triple digits. However, it happens momentarily late yesterday night on DEX Uniswap. After a whale unloads more than 65,000 ETH onto the exchange, the value of ETH reaches $950.

At the time of this post, Bitcoin was selling at $22,520.49. That was a 67% drop over its all-time high of $69,044.77 in November. Market analysts believe Bitcoin and other cryptocurrencies have a long way to go before reaching a bottom.

Binance was not the only cryptocurrency startup that would recruit more, not less, throughout the bear market. FTX CEO Sam Bankman-Fried indicated last week on Twitter that perhaps the platform will keep moving forward by employing. Polygon Studios CEO Ryan Watt also posted on Twitter that his business expects to boost its staff by 15% this season.

Mary Santos
Mary Santos
Mary Santos has a degree in economics and after a successful career as an investment analyst, she found an interest in Cryptocurrency. Mary enjoys finding the latest scoop on crypto news.

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