According to sources familiar with the matter, the stablecoin issuer Paxos is cutting 20% of its workforce. This development comes on the heels of Paxos International’s announcement of its yield-bearing stablecoin. Paxos Trims Workforce by 20% Bloomberg reports that Paxos has laid off 65 employees, which accounts for 20% of its staff. The information was […]
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Nigerian Fintech Startup Chipper Cash Lays Off Employees in US, UK
The Nigerian fintech startup, Chipper Cash, recently abolished the roles of 20 workers based in the U.S. and U.K. The CEO Ham Serunjogi said this decision aligns with its goal of maintaining high operational efficiency and moves the startup closer to profitability. Layoffs Set Chipper Cash on Course for Positive Cash Flow in the First […]
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Ebay’s Web3 Division Reportedly Lays off 30% of Its Employees
Recently, Ebay, the e-commerce behemoth, implemented significant changes within its Web3 division. These changes resulted in a 30% reduction in the division’s workforce and the departure of a pivotal employee. Among those affected by this restructuring is David Moore, the founder of Knownorigin, a marketplace for non-fungible tokens (NFTs), whose post is redundant. Ebay’s Dedication […]
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Crypto Analyst Lays Out XRP Price Roadmap For 1,350% Surge
In a new technical analysis shared on X, crypto analyst Egrag outlined a potential trajectory for XRP that could signal a staggering 1,350% increase in price. Egrag’s forecast hinges on the application of the Fibonacci Speed Resistance Fan (FSRF), a tool often used by seasoned traders to predict key levels of support and resistance.
The FSRF is a charting technique that derives from the core principles of Fibonacci analysis, which is grounded in the mathematical relationships expressed by the Fibonacci sequence. The FSRF involves drawing three trendlines from a significant low or high point to the corresponding points on the chart, which represent major Fibonacci retracement levels – typically 0.382, 0.5, and 0.618.
XRP Price Bound For A 1,350% Surge?
These lines are designed to indicate areas where support or resistance is likely to emerge as prices approach them, effectively creating a fan-like spread across the price chart. Egrag has drawn the Fibonacci Speed Resistance Fan from July at .96 high following the summary judgment in the XRP lawsuit between Ripple Labs vs. the US Securities and Exchange Commission (SEC).
Egrag notes, “Following the July pump, #XRP has encountered resistance at FSRF 0.618, with the next resistance around 0.75 cents.”
The FSRF, which consists of several trendlines, has been instrumental in delineating potential turning points in the price of XRP. According to Egrag’s analysis, XRP recently showed a bullish sign by closing multiple days above the FSRF 0.5 line. Egrag notes, “A bullish pattern has emerged, as XRP has achieved multiple daily closes above FSRF 0.5,” suggesting an underlying strength in the market.
Egrag’s analysis points to successive price targets for XRP, stating, “The roadmap ahead includes targets at 1) FSRF 0.618 (around 0.75 cents) 2) FSRF 0.75 (around ) 3) Fib Extension 1.618 (around .5) 4) FSRF 1 (.96).”
Should XRP’s price breach the mark, the analyst anticipates a wave of FOMO (fear of missing out) could propel the asset towards the ambitious target. Such a surge would represent a 1,350% increase from the current levels, a move that is not unprecedented in the volatile world of cryptocurrencies but certainly ambitious.
The chart shared by Egrag also underscores the significance of the “Last Line of Defense,” a term referring to a critical support zone around .29 that, if held, could reinforce the bullish case for XRP.
Egrag’s current sentiment echoes the resilient spirit of the XRP community, often referred to as the XRP army, with a rallying call for perseverance: “STAY STEADY! I understand the exhaustion, but remember, GLORY awaits us in VALHALLA.”
At press time, XRP traded at .56991. As analyzed a few days ago, the price has managed to break out of the downtrend channel in the 1-day chart and has now successfully completed a retest, which supports Egrag’s bullish thesis.
When Will Bitcoin Price Reach $1,000,000? Pundit Lays Out A Timeline
Since the Bitcoin Price crossed ,000 back in the 2021 bull market, there have been speculations on when the price will hit 0,000, and on the other extreme end, ,000,000. Over time, various analysts and pundits have put forward their forecasts, but the most recent of these is from budding economist Alessandro Ottaviani who believes BTC could hit the million mark in the next three years.
Bitcoin Price On Its Way To Million
Ottaviani starts out his X (formerly Twitter) post by pointing out that the Bitcoin market cap had climbed rapidly following fake news of a Spot Bitcoin ETF approval. Now, recall that on Monday, media outlet Cointelegraph made a post on X saying that the US Securities and Exchange Commission (SEC) had approved the BlackRock iShares Spot Bitcoin ETF filing.
Following this, the price of Bitcoin surged above ,000 and in a matter of minutes, over billion was added to the crypto’s market cap, as Ottaviani points out. Going by BTC’s reaction to this news which eventually turned out to be fake, the analyst was able to draw a parallel for what might happen when Spot Bitcoin ETFs are approved for real.
Main take away of today: Bitcoin makrket Cap went up by more than billion in minutes, and very likely the money flowing into Bitcoin were less than 0 million (ratio 100:1)
A former Blackrock Director said that we can expect 0-200 billion flowing into Bitcoin in 3…
— Alessandro Ottaviani (@AlexOttaBTC) October 16, 2023
Ottaviani points out that this billion increase in market cap came from an around 0 million injection into the market, meaning the market cap rose at a ratio of 100:1. Thus, going by what BlackRock Director and CEO Larry Fink said about a Spot ETF triggering a 0 billion to 0 billion inflow into the asset, Ottaviani explains that this would put BTC’s market cap at trillion. At a trillion market cap, the price of each BTC would be going for million.
Now, about when this might happen, Ottaviani reverts to Fink’s statement. When Fink made his forecast that 0-0 billion could flow into Bitcoin, he said that this could happen over a three-year period. So if a Spot Bitcoin ETF is approved in 2024 as Bloomberg analysts believe, then the price of Bitcoin could reach this million mark in 2027-2028 if all goes as planned.
“Surely on the way up there will be many people selling, but this is already directionally clear how much could be the effect of the BTC ETFs being approved,” Ottaviani said in the X post.
Other Million Predictions For BTC
Ottaviani is only the most recent in a long line of market participants and crypto enthusiasts who have predicted that the price of Bitcoin would reach million. Some notable personalities who believe it will reach this level include ARK Invest CEO Cathie Wood, Coinbase CTO Balaji Srinivasan, and finance author Robert Kiyosaki.
Cathie Wood who has been a very vocal proponent of Bitcoin said last year that she expects the price of BTC to hit million by 2030. Due to this belief, Wood’s investment firm ARK Invest has been heavily investing across the crypto space, buying hundreds of thousands of shares in the Grayscale Bitcoin Trust, as well as Coinbase stock.
Next on the list is Coinbase CTO Balaji Srinivasan who made a bet in June 2023 that the BTC price would reach million. Srinivasan pointed to “hyperbitcoinization” as the reason behind this. However, Srinivasan’s forecast was on a much shorter timeframe (90 days) and didn’t play out as predicted.
Last but not least is finance author Robert Kiyosaki. Kiyosaki has been sounding the alarm of a potential collapse of the US dollar and has presented the likes of Gold, Silver, and Bitcoin as good alternatives to hedge against this potential collapse. In August, Kiyosaki said in an interview that if the economy were to collapse, Bitcoin could reach million, while Gold and Silver could rise to ,000 and ,000, respectively.
Chainalysis Lays Off More Staff in New Round of Crypto Job Cuts
Blockchain forensics firm Chainalysis is shedding a chunk of its workforce, the second time it’s doing so within this year. The news comes in a difficult period for the whole industry which saw a number of such moves in 2023, against the backdrop of a persistent bear market and increased regulatory pressure.
Crypto Analytics Company Chainalysis Parts Ways With 15% of Its Employees
Chainalysis is laying off around 150 people, or a little more than 15% of its staff, Forbes revealed quoting an email from CEO Michael Gronager sent to employees earlier this week. The job cuts come amid ongoing challenges in the crypto space that have been reducing commercial demand for the firm’s products, according to the report.
Most of the layoffs will be in the marketing and business development departments which are focused on the private sector as the company is concentrating on more stable government contracts, the article detailed. Madeleine Kennedy, vice president of communications, was quoted as stating:
This reorganization reflects our ongoing strategic shifts to balance our growth aspirations.
Founded in 2014, Chainalysis has established itself as a go-to platform for the U.S. and other governments as well as crypto businesses like exchanges, when they need to trace cryptocurrency transfers and identify transacting parties for investigations or compliance purposes.
The New York-headquartered company had around 900 workers after a previous round of job cuts earlier this year which affected less than 5% of its staff, according to Chainalysis. The latest layoffs add to a wave of job losses across the industry in 2023.
For example, the world’s largest crypto exchange, , reportedly laid off 1,000 employees this past summer, including two rounds of job cuts at its American subsidiary, while a number of executives left Binance US and the crypto giant’s other entities as it finds itself under heightened regulatory scrutiny.
Quoted by The Block and Bloomberg, Kennedy also emphasized that Chainalysis “continues to be well positioned for long-term success,” and remains committed to its “mission to build trust in blockchains among government agencies, financial institutions, and cryptocurrency businesses.”
Around 70% of the revenue of Chainalysis is currently being provided by the public sector, Forbes noted in its report, pointing out that the crypto analytics company is now looking to expand on the investigative power of its core offerings seeking to cater to the future needs of governments.
What are your thoughts on the latest job cuts and reorganization at Chainalysis? Share them in the comments section below.
Binance Reportedly Lays Off Over 1,000 Employees, CZ Says Exchange Is Hiring
Leading crypto exchange Binance has cut hundreds of jobs after a string of executive exits, according to a media report. The news, which comes as the coin trading platform marks its sixth anniversary amid increased pressure from regulators, was termed as FUD by founder Changpeng Zhao who said his company is still hiring.
Major Digital Asset Exchange Binance Cutting Jobs Amid U.S. Regulatory Crackdown, Report
Binance, the world’s biggest crypto exchange, is reducing its workforce after several executives left the company. Media reports about the layoffs come against the backdrop of an ongoing clampdown on the industry and the trading platform in the U.S. where it’s involved in lawsuits with the securities and futures commissions and is under investigation by the Department of Justice.
On Friday, the Wall Street Journal reported that Binance had laid off more than 1,000 employees in recent weeks. A source familiar with the matter later confirmed to Reuters that the crypto behemoth has been cutting jobs. The reports come just days after it became clear that several execs are leaving the digital assets platform with the largest daily trading volume.
Just like when he reacted to the executive exodus, Binance founder and CEO Changpeng Zhao described the news of massive layoffs as FUD (fear, uncertainty and doubt). In a tweet, he stated that the reported numbers “are all way off” and insisted that the company is still hiring.
As we continuously strive to increase talent density, there are involuntary terminations. This happens in every company. The numbers reported by media are all way off. 4 FUD.
On the bright side, they just can’t resist talking about us.
We are still hiring.
— CZ Binance (@cz_binance) July 14, 2023
At the end of May, CZ refuted rumors suggesting that up to a fifth of the exchange’s workforce might have to leave due to poor market conditions. Last week, he pointed out that his organization has grown from 30 to 8,000 people in just six years.
“As Binance celebrates our sixth anniversary, I want to thank everyone in our community for your extraordinary support. Binance would not be here without you,” CZ said in a video statement on July 14. “We can’t wait for what lies ahead,” the exchange tweeted.
Also on Friday, CNBC reported that Binance intends to lay off between 1,500 and 3,000 people globally through the end of the year, including the 1,000 already let go as per WSJ’s report, in response to an ongoing probe by the U.S. Justice Department over suspected money laundering violations and sanctions evasion.
The report quoted a “current employee familiar with the company’s plans” who asked to remain anonymous but also noted that a representative disputed the higher number. “As we prepare for the next major bull cycle, it has become clear that we need to focus on talent density across the organization to ensure we remain nimble and dynamic. This is not a case of rightsizing, but rather, re-evaluating whether we have the right talent and expertise in critical roles,” the spokesperson said.
Do you expect more layoffs at the world’s largest cryptocurrency exchange? Tell us in the comments section below.
Report: Pan-African Crypto Exchange Mara Lays Off Majority of Employees
African crypto exchange Mara has not only parted ways with a reported 85% of its staff but has cut the salaries of workers that have remained. Although Mara has cast the layoffs as an exercise which aims to remove redundant roles, former employees have said the startup’s ballooning marketing costs partly explain why it has decided to cut its workforce.
Eliminating Redundant Roles
The pan-African crypto exchange, Mara, has become the latest startup to trim its workforce, and one report suggests that as much as 85% of the firm’s employees have been laid off. In addition, the remaining employees have had their salaries cut.
As has been reported by Bitcoin.com News, some Africa-based crypto and blockchain firms have similarly sent home a significant number of their respective employees. Many of these startups pointed to the so-called crypto winter as their reason for the reductions.
Mara, which completed a million seed equity round in May 2022, claimed that the layoffs are intended to eliminate “redundant roles to move the company to its next phase.” In a statement, a spokesperson from the company insisted that its plans for the future are still unchanged. The crypto exchange said:
Last year, Mara raised M to support our vision to help Africans build wealth. We launched MARA Wallet, which already has over four million verified users. We also launched the Mara Foundation, a non-profit dedicated to accelerating blockchain capacity-building in Africa. We still have plans that go beyond being a crypto exchange and will be announcing them soon. Our mission remains the same – we want to inspire a movement that enables the emergence of 21st-century Africa through universal access to blockchain technology.
While Mara has painted the staff culling as a restructuring exercise, according to former employees quoted in a Technext report, the startup’s bloated workforce and ballooning marketing costs are some of the reasons why Mara has scaled back. As noted by the report, the African crypto exchange kickstarted an Africa-wide public relations campaign which saw Mara sponsor crypto events, a sporting event, and the Ghanaian football team.
Although the crypto startup succeeded in driving up the number of verified users, Mara’s rising overhead costs reportedly forced it initially to warn of possible layoffs. According to the report, Mara, just like its fellow Africa-based crypto entities, has been affected by the collapse of crypto exchange FTX.
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Report: Chipper Cash Lays Off More Workers — Crypto Department Still Operational, Says CEO
The Nigerian fintech, Chipper Cash, recently said it has let go of more employees and that this step has been taken to help the firm contain its operating costs. Although no figure of the number of axed workers was given, one report estimated this to be around 100, or 12.5% of Chipper Cash’s entire workforce. Chipper Cash CEO Ham Serunjogi has dismissed reports that the fintech has shut down its crypto department.
The Deteriorating Macroeconomic Climate
The Nigerian fintech, Chipper Cash, recently confirmed it had laid off a second batch of employees as part of measures aimed at containing the company’s operating costs. Although no figure has been provided, one report estimated the cuts to be around 100 people, or 12.5% of Chipper Cash’s entire workforce.
According to a Techcrunch report, the fintech’s firm latest retrenchment exercise has impacted all areas, from human resources to the research and legal departments. Commenting on the fintech’s axing of talented employees less than three months after it laid off the first group, Chipper Cash CEO Ham Serunjogi detailed the circumstances that prompted the company to let go of some of its talent.
“The last two years were a period of rapid growth and scaling for us as a business and, to reflect this, our global headcount grew by around 250 people. However, given the macroeconomic climate, we are narrowing our current focus to core markets and products – concentrating our efforts where we know we can thrive,” Serunjogi reportedly said.
The CEO added that with the unfavorable circumstances that have now prevailed for more than one year, Chipper Cash can only operate effectively with a smaller team.
Meanwhile, the same report quotes Serunjogi denying reports that Chipper Cash has shut down its crypto department. According to the CEO, the fintech startup’s crypto trading platform is one of the largest in Africa and one of its “fastest growing products,” hence Chipper Cash will “continue to invest in the product.”
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Bitcoin Detractor Peter Schiff Lays On What Will Trigger Bitcoin Recovery
Peter Schiff is one of the most vocal bitcoin detractors known to investors. The economist has never been one to hide his disdain for the digital asset and continues to bash it at every chance he gets. This time around, Schiff who has always touted the superiority of other investment forms such as stocks above bitcoin has revealed what he thinks will cause the digital asset to rally upwards again.
Bitcoin Needs The Nasdaq
As always, Peter Schiff continues to push the usefulness of other assets like stocks over that of bitcoin. In his latest tweet on Twitter, the preferred platform for the economist to share general comments about the financial platform and bitcoin, he has explained a scenario where the price of bitcoin would begin to go up.
Related Reading | Bitcoin Shorts Decline On Bitfinex, Players Brace For Upward Trend?
Schiff explained that for BTC to once again begin another uptrend, it depends largely on the movements of gold and the NASDAQ. The economists put forward that an increase in the NASDAQ would inadvertently lead to an increase in the price of bitcoin. On the flip side, gold, which is currently one of the digital asset’s fiercest competitors, would need to go down, said Schiff.
BTC settles above k | Source: BTCUSD on TradingView.com
Explaining further, he laid out that the Fed’s success in bringing down the growing inflation rate was pertinent to this. As long as the Fed is able to safely bring the inflation rate back down to 2% and not harm the economy in the process, then the scenario explained above was likely. For this to happen, there needs to be “minimal rate hikes and big cuts to government spending,” the tweet read.
But Why Buy BTC?
In normal Schiff fashion, the economist did not show any type of support for BTC despite believing that the price would go up along with the NASDAQ. For Schiff, in a scenario like this, there would simply be no need to buy bitcoin, stating “in that scenario why own Bitcoin?”
Related Reading | Ethereum Gas Fees Hit 8-Month Lows As Price Continues To Struggle
For #Bitcoin to go up the NASDAQ must go up and #gold must go down. For that to happen the #Fed must succeed in bringing #inflation down to 2% without harming the economy, which requires minimal rate hikes and big cuts to government spending. But in that scenario why own Bitcoin?
— Peter Schiff (@PeterSchiff) March 14, 2022
Schiff has never been a fan of bitcoin and despite the digital asset’s outperformance over the years, continues to diss it at every turn. In 2020, the economist is noted referring to the cryptocurrency as the “biggest” bubble he’s ever seen. In the same year also making comments that BTC was a “fad” and was on its way down to zero. However, since both of these comments were made, bitcoin has more than doubled in value.
Featured image from Decrypt, chart from TradingView.com
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