Cryptos' Market Cap Tanks Below $1 Trillion, CEO Lays Off 5% Staff

Amid a wider market rout, the total market capitalization of cryptocurrencies has fallen below $1 trillion, levels not seen since February 2021.

The combined market capitalization of cryptos has fallen to $969 billion, according to data from Coinmarketcap, a drop of about 200% from the market’s all-time high market capitalization of about $3 trillion, seen last November.

The largest digital currency Bitcoin BTC/USD is currently trading at $22,900, down about 18% compared to the previous day and about 25% in the last week and its market capitalization has fallen to $455bn from its peak of $1.3 trillion.

BTC had made an all-time high of $69,000 last November.

The second-largest digital currency, Ethereum ETH/USD, has fallen about 21% in a day and is currently trading at $1190. Its market capitalization has fallen to $147bn.

Meanwhile, amid bearish market sentiments, will lay off about 260 people, or 5% of its corporate workforce, the crypto exchange's CEO Kris Marszalek announced.

“(There are) lots of questions and speculation flying around regarding what is doing during the market downturn.. Some of you (the staff) have been with us since 2016/2017 and have seen us building steadily, with conviction throughout the 2018/2019 winter,” Marszalek said in a tweet.

He added that it was this conviction of the company’s staff with a focus on building throughout the bear market, despite crypto naysayers being out in full force, that made one of the fastest-growing companies in 2021, reaching 50 million users milestone.

“And that's exactly what we will do this time around. Our approach is to stay focused on executing against our roadmap and optimizing for profitability as we do so,” he said. “That means making difficult and necessary decisions to ensure continued and sustainable growth for the long term by making targeted reductions of approximately 260 or 5% of our corporate workforce,” Marszalek said CRO/USD .  

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