Coinindex: Cryptos Slump on Chinese Firms Layoffs

COININDEX – On Thursday, cryptocurrencies dropped in Asia. This was amid the plans of two crypto-related companies in China about trimming their staff primarily to deal with a long bear cryptocurrency market.

Meanwhile, Bitcoin’s market value plummeted to 73.6% from over $255 billion in January to around $67.3 billion on December 26. This was based on CoinMarketCap data.

Bitcoin declined 2.35% to $3,731.8 on Thursday in Asia. As of 12:20 AM ET (05:20 GMT), there was a drop of 4.85% to US$126.68 in Ethereum.

Based on the Poloniex exchange, XRP traded lower 5.06% to $0.36673. Meanwhile, Litecoin slipped 5.63% to $30.017.

Bitmain Technology, a cryptocurrency mining equipment maker in China, is experiencing “some adjustment to our staff this year.” This was according to the company as cited in the South China Morning Post. Meanwhile, there rumors circulating on Chinese social media that depict the potential lay off over half of the company’s employees.

“A part of that is having to really focus on things that are core to that mission and not things that are auxiliary. As we move into the new year, we will continue to double down on hiring the best talent from a diverse range of backgrounds,” Bitmain said.

Moreover, the SCMP has made a report regarding the Hong Kong Stock Exchange’s call for reluctance. The signal was about whether or not Bitcoin’s application for an initial public offering worth US$3billion should be approved.

On Wednesday, China’s cryptocurrency exchange Houbi Group stated it is working on “optimism staffing.” And this is through eliminating underperforming employees.

Meanwhile, India has expressed interest in reversing a ban of cryptocurrencies. Further, the country plans to legalize them with expected stricter regulations. This was based on the New Indian Express report.

Coinindex: Ethereum Drops 10% in Rout

On Thursday, Ethereum traded $121.37 on Thursday. Further, it dropped 10.19% as of 00:36 (05:36 GMT) within the day. This was the largest one-day percentage loss since December 6.

Moreover, the downward movement has dragged down the market cap of Ethereum to $12.94B, or 10.22% of the total cryptocurrency market cap. The highest market cap of Ethereum was $135.58B.

Overnight, Ethereum traded in a range of $121.13 to $131.51. For the past seven days, Ethereum added 18.95%. Ethereum’s volume traded in the twenty-four hours of writing was $2.54B or 15.27% of the total volume of all cryptocurrencies. Further, Ethereum traded in a range of $105.5894 to $158.2723 in the past 7 days.

Meanwhile, the current price of Ethereum is still below 91.47% from its all-time high of $1,423.20 recorded on January 13.