Crypto's hiring spree goes in reverse as prices continue to decline
Rising interest rates, worsening inflation and falling stock prices have taken their toll on all American
Coinbase, the largest U.S.-based crypto exchange, said it was planning to cut 18% of full-time jobs,
or about 1,100 people, and BlockFi, a crypto lending startup, said it was cutting 20% of staff, or about 170 people.
Over the weekend, bitcoin not only fell below the closely watched $20,000 price level but briefly dropped below $18,000 before recovering.