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Bearish bull market? š»
If Bitcoin and ETFs are booming, then why are there so many crypto industry layoffs? Making sense of the mixed vibes.
Andrew Hayward
November 02, 2024
š What you need to know
Bitcoin came $175 away from its all-time high this week, crypto ETFs saw wild demand, and MicroStrategy revealed plans to raise $42 billion to buy more BTC.
Bullish, right? But the vibes were off, with a clear lack of enthusiasm on Crypto Twitter as āUptoberā hit its apexāand that wasnāt the worst of the bearish overtones. Just this week alone, crypto firms Consensys, dYdX, and Kraken all announced sizable layoffs, plus Coinbase missed its earnings expectations.
Why all the layoffs? Analysts told Decrypt that the bearish signs could be due to anxiety around short-term election and regulation anxiety, Wall Street giants taking investment away from crypto-native firms, the costs of fighting SEC threats, and other factors.
āThis is definitely the most bearish bull market of all time,ā Ninepoint Partners Managing Director of Digital Assets Alex Tapscott told Decrypt, summing it up.
š¬ Quote of the Day
āA lot of the capital, I think, is sitting on the sidelines, and is nervous about coming into this space until they see some more clarity.ā
