Compass Mining Lays Off 15% of Staff, Reduces Executive Compensation

Compass Mining is the next crypto company to succumb to falling crypto prices and macroeconomic uncertainty. The firm’s co-CEOs sent a letter to investors on Thursday confirming that it had laid off 15% of staff. In addition to staff cuts, Compass will also implement compensation and spending reductions across the rest of the business. “While painful, these changes will enable Compass to stay agile and well-positioned in this evolving market, which has challenged many of our industry peers,” stated the…

Three Arrows Capital Falls Into Liquidation Amid Worsening Bear Market

Leading crypto hedge fund Three Arrows Capital (3AC) has fallen into liquidation. Sky News reported today, citing a person with direct knowledge of the matter. The source requested to remain anonymous because they do not have the clearance to discuss the matter publicly. According to the source, a British Virgin Islands court ordered the liquidation. Partners of New York-based Teneo Restructuring will handle the company’s insolvency, the source added. The restructuring company is, however, in the early stages of the…

Crypto Analytics Firm Kaiko Secures 53M in Series B Funding Round

Kaiko, a Paris-headquartered blockchain data analytics firm, has secured $53 million in a Series B funding round. Bloomberg reported earlier today, noting that Eight Roads led the funding round alongside French VC Revaia. The financing round also attracted investments from existing investors like Alven, Point Nine, Anthemis, and Underscore. The company’s Series B round comes amid one of the harshest bear markets in the history of cryptos. According to a Kaiko spokesperson, this funding round has tripled the firm’s valuation…

Electricity Consumption in Bitcoin Mining Industry Plunges 36% Amid Bear Market

The electricity consumption of Bitcoin mining companies has plunged significantly in the wake of the intensifying crypto winter. Crypto analyst Digiconomist revealed this news in its Energy Consumption Indices for Bitcoin (BTC) and Ethereum (ETH). According to the BTC index, the electricity consumption of Proof-of-Work (PoW) miners has plunged nearly 36% in under two weeks. Specifically, BTC’s energy use fell from 204.50 TWh on June 11 to 131.68 TWh on June 23. Despite declining by over a third, BTC’s energy…

Kraken is Still Hiring and HODLing Bitcoin During Bear Market, says CEO

Kraken CEO Jesse Powell recently affirmed that Kraken is at no risk of suffering any Celsius-style debt or liquidity crises. Rather, his exchange will stand out as one of the few that hire and stack Bitcoin during the bear market. Kraken: Staying Humble, Stacking Sats On Monday, a Twitter user asked Powell whether customers should fear any “risk of contagion” from bad debt in the crypto ecosystem. On Monday, crypto lending platform Celsius announced that it would freeze customers’ funds…

Could Crypto Users Turn to Gold-Pegged Tokens Amid Bear Market?

Gold maintains its safe-haven status, while comparison with Bitcoin and stablecoins persists.   Gold has been a proven protective hedge against inflation for years. Now in the persisting aftermath of Terra’s collapse and continued geopolitical tensions, some crypto investors might be turning to gold-pegged tokens to weather the crypto winter.  Stablecoins’ Struggles Spotlight Gold Stablecoins were created in response to crypto’s volatility. They are a hybrid between the volatility of cryptocurrencies and the stability of fiats or commodities. This means…

Fidelity to Launch Ethereum Trading and Custody Following Influx of Crypto Hires

The financial services giant Fidelity is putting more money in cryptocurrency-related services, despite the recent market downturn. President Tom Jessop has confirmed that the firm will start developing services for cryptocurrencies besides Bitcoin, such as Ethereum trading. Unphased by the Bear Market As reported by the Wall Street Journal, Fidelity Digital Asset Services plans to hire 110 engineers with blockchain expertise. It will also bring 100 customer service specialists to the team. The new hires will have to help launch…

Cryptocurrency Bear vs Bull Market – What’s the difference?

The bull market and bear market: what is their meaning? And what are the differences between these two market terms?  Every day in the investment universe, we hear these terms repeated regarding market conditions. Yet, as much as they are used, understanding their meaning and differences is not as easy as it sounds. Trends and directions in the market have repercussions on one's portfolios. So, understanding what “bull” and “bear” markets mean, together with their differences, is crucial. So, what…

ETH Price Declines as Crypto Markets Trace a Bearish Trend

Ethereum was on Thursday 26th, still on a bearish trend which marked its start on 23rd August. The current price actions of ETH could open for an even further price plunge or a possible reversal. Also, Ethereum's price patterns impacted top DeFi coins.  Ethereum Price Analysis Ethereum, the second-largest crypto by market cap, was on Thursday, still on a bearish trend. According to coinmarketcap, ETH lost about 4.18% of its price in 24 hours between 25th and 26th of this…

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