CRYPTO NEWS

BitOasis joins layoff spree, firing 5% of staff

Crypto exchange platform BitOasis joined in the firing spree and let go of 9 employees, representing 5% of its staff.

BitOasis’s CEO Ola Doudin e-mailed his staff and said:

“Earlier this week, nine employees were made redundant across offices in Dubai, Abu Dhabi and Amman.”

BitOasis was established in Dubai in 2015. Aspiring to dominate the region, the platform obtained a license to act as a virtual asset service provider in 2021.

Firing trend

A firing trend has been spreading fast in the crypto space since the beginning of June.

Most major platforms showed the current negative market conditions as a reason to downsize and let go of a portion of their staff.

Exchange platform Gemini was the first one to let go of its staff. Coinbase followed Gemini a few days after first by un-hiring new recruits and reducing its headcount by 10% a few days later.

Companies like BlockFi, Cyrpto.com, Robinhood, Bitso, and Bitmex joined in the firing trend by firing up to 25% of their staff to protect themselves from the current adverse market.

In the meantime, lending platforms Celsius and  Babel Finance paused all withdrawals and transfers, contributing further to the fear in the crypto space. It has also been reported that major crypto investing company Three Arrows Capital is considering a bailout.

Currently, the only major crypto companies that are doing well enough to hire are Binance and Ripple. The Financial Industry Regulatory Authority (FINRA) is also looking to hire individuals with crypto expertise.

The future of the crypto space

Experts believe the bear market is here, and things will continue in a downtrend for a while, but they do not think that this is enough to end crypto. In fact, they argue that the current bear market is a good thing.

Many crypto executives agree that coins and blockchains that don’t offer real value won’t survive the current market. At the end of the bear cycle, the crypto space will be decluttered and leave room for real disruptive projects to expand.

Most prominent investors are very optimistic in the case of Bitcoin. Studies show that Bitcoin adoption is at its earlier stages today and will enter an exponential growth phase in the near future. Experts and investors, on the other hand, agree that Bitcoin will show an imminent increase up to $100k.

The post BitOasis joins layoff spree, firing 5% of staff appeared first on CryptoSlate.

How likely will Ethereum rebound at the $1000 – $1100 level?

Ethereum is forming support at around $1,000. The cryptocurrency price has been weakened by the waning DeFi and NFT sectors. Ethereum is yet to bottom as the price remains bearish. Ethereum ETH/USD has oscillated between the $1,000 to $1,100 level for almost three weeks. We do not consider the level/zone as established support. However, bulls::Listen

  • Ethereum is forming support at around $1,000.

  • The cryptocurrency price has been weakened by the waning DeFi and NFT sectors.

  • Ethereum is yet to bottom as the price remains bearish.

Ethereum ETH/USD has oscillated between the $1,000 to $1,100 level for almost three weeks. We do not consider the level/zone as established support. However, bulls resist further downside, and a potential reversal could occur. At the current price of $1,047, Ethereum has slightly recovered. This was after slipping below $1,000 in the third week of June.

Since topping $4,800 Ethereum in November 2021, Ethereum has failed to match the gains. Crypto weakness and waning interest in NFTs and DeFi have contributed to the decline. NFT sales are now at their one-year lows. The sales hit the lowest in the year in June. However, NFTs and DeFi remain popular market segments as the crypto sector booms. We believe it’s a matter of when and not if Ethereum will recover to its former self. Investors should be watching for price bottoms to take the price higher. The key question is, has Ethereum bottomed at the $1,000-$1,200 region?

Ethereum consolidates at $1,000 bottom, but the price is under pressure

Source – TradingView

Technically, we view $1,000-$1,100 as a potential zone for Ethereum. The cryptocurrency is establishing the zone as important support. However, technical indicators suggest that Ethereum could fall further. Although the MACD line moves above the moving averages, it is still yet to get out of the bear zone. Again, the 14-day and 21-day moving averages suggest a bear market. The confirmation of a rebound is if the price successfully moves above moving averages. The price surge must also coincide with an improved crypto sentiment.

The other likely bottom is the established support at around $750. With the current bear market, $750 is a very realistic bottom for Ethereum. The level will be reached if Ethereum breaks below $1,000. For now, there is no confirmed bottom for Ethereum, and the price could fall further.

Summary

Ethereum is bearish at developing support of $1,000-$ 1,100. The token is yet to become bullish, and the price could fall to $750.

The post How likely will Ethereum rebound at the $1000 – $1100 level? appeared first on CoinJournal.

BitOasis joins layoff spree, firing 5% of staff

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