Effect Of Volatility In The Crypto Market! Coinbase in no mood to hire

The impact of the ongoing uncertainty in the cryptocurrency market is now visible on services in the sector as well. Global cryptocurrency exchange Coinbase (Coinbase Global Inc) had halted hiring for the past two weeks in view of the ‘recession’ in the crypto market. Now in a blog post, the company has said that it will take the hiring freeze further, that is, the ban on recruitment will continue and many approved proposals will also be canceled to deal with the current macroeconomic conditions.

According to a Reuters report, Coinbase had previously halted hiring for two weeks as fears of rising interest rates rocked the cryptocurrency market. Now this crypto exchange tell that ‘as long as there is a need for this macro environment, then it will stop hiring.’

Shares of Coinbase were flat even after several hours of trading following this news. At the same time, the company’s stock is down more than 75% since its launch last year through direct listing. The company reported a 35 percent decline in its total revenue in the first quarter of this year, which is $1.17 billion. The company has said that we always knew that cryptocurrencies would be volatile. This volatility can test the company in new ways.

Talking about the cryptocurrency market, it saw a big drop on Thursday, due to which all major altcoins from Bitcoin (Bitcoin) and Ether (Ether) suffered losses. The value of bitcoin had gone below 30 thousand dollars in the national and international market. On Friday, the sequence seems to be breaking down and more cryptocurrencies have started with profits making the crypto price chart green. In the Indian markets, where the price of bitcoin is close to reaching Rs 25 lakh, while in the global markets also this coin is trading at $ 30451.

On Thursday, the price of bitcoin was seen to fall by 6.9 percent and it came down from the $ 30 thousand mark to $ 29,555 (Rs 22 lakh 92 thousand). On March 28, the value of bitcoin was at $48,234. Accordingly, this cryptocurrency has gone down to 38 percent.


Latest Tech News, Smartphone Review more popular Mobile For exclusive offers on Gadgets 360 Android Download the app and send us Google News Follow on.

Related news