Coinbase exec says more job cuts cannot be ruled out should the crypto selling continue

Coinbase announced it laid off 1,100 employees this week and rescinded 300 job offers. The action was reported to be 18% of the staff.

Now. a Coinbase CEO is on the wires saying further job cuts cannot be ruled out should the Crypto selling continues.

Wired magazine had recent article where it cited a memo from Sequoia, the venture capital firm saying:

IN MAY, THEventure capital firm Sequoia circulated a memo among its startup founders. The52-page presentationwarned of a challenging road ahead, paved by inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term, rising interest rates, a Nasdaq drawdown, supply chain issues, war, and a general weariness about the economy.Things were about to get tough, and this time, venture capital would not be coming to the rescue. “We believe this is a Crucible Moment,” the firm’s partners wrote. “Companies who move the quickest and have the most runway are most likely to avoid the death spiral.”

Those are strong words for the plethora of startups, SPACs, etc. that used the free money from the Covid bailout to tap venture capital money and lead the lambs to slaughter without earnings to back it up.

The price of bitcoin Bitcoin Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger n Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger n Read this Term is trading at $20512 currently after reaching a low of $20220.16 today and a high of $21325.06. The price is looking to end the week below the 200 week MA at $22354.79. The price is down -70% from its November 2021 high and trades at the lowest level since the week of December 14, 2020.