In a series of ongoing Bitcoin plunges, the crypto market is experiencing one of the worst crashes in history. Stay up to date with the latest shifts in the cryptocurrency industry as they recently unfolded.
5:40 PM EDT, 06/14/2022: 6.44% 24-Hour Drop in Bitcoin
Data from Live Coin Watch shows that the USD value of Bitcoin lowered 1.73% within the past hour.
Throughout the past 24 hours, the price of Bitcoin has decreased by 6.44% in total.
2:51 PM EDT, 06/14/2022: ETH Down to $1,206.60
As monitored by Market Watch, the USD price of Ethereum was down -2.93% as of 2:51 PM.
Consequently, the dollar-equivalent was $1,206.60.
12:14 PM EDT, 06/14/22: 5.28% Decrease in Bitcoin Price Over 24 Hours
According to CoinDesk, as of 12:14 PM, the price of Bitcoin (BTC) is at $22,520.80, resulting in -5.28% in the past 24 hours alone.
8:12 AM EDT, 06/14/22: Coinbase Layoffs as a Result of Crypto Crash
Brian Armstrong, Co-founder and CEO of crypto authority Coinbase, announces an 18% reduction in team members amid current crash. Coinbase has made the internal company note public, which includes the reasons behind the executive decision:
- “Economic conditions are changing rapidly.”
- “Managing our costs is critical in down markets.”
- “We grew too quickly.”
11:38 AM EDT, 06/13/22: BlockFi — “We Are Reducing Our Headcount by Roughly 20%”
CEO of BlockFi, Zac Prince, shares a message from the company’s founders. Within the release, BlockFi states that they are looking at laying off 20% of staff members.
“This decision was driven by market conditions that have had a negative impact on our growth rate and a rigorous review of our strategic priorities,” BlockFi founders share regarding the choice.
9:40 AM EDT, 06/13/22: Crypto Market Value Plummets Below $1 Trillion in Midst of Crash
According to Reuters and CoinMarketCap, since January 2021, the market value of cryptocurrency dropped below the trillion-dollar line on Monday, June 13, 2022.
The aforementioned sources cite the value dipping as low as $926 billion.
10:10 PM EDT, 06/12/22: Celsius Freezes Withdrawals and Account-to-Account Transfers
Crypto app Celsius publishes community memo that publicly shares their pausing of “all withdrawals, Swap, and transfers between accounts.”
9:19 PM EDT, 06/10/22: Crypto.com CEO Announces 5% Corporate Workforce Reduction
Kris Marszalek, CEO of Crypto.com, communicates reducing 5% of the company’s team, the rough equivalent of 260 employees.
In a Twitter thread, Marszalek shares, “We will continue to evaluate how to best optimize our resources to position ourselves as the strongest builders during the down cycle to become the biggest winners during the next bull run.”