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Top Cryptocurrency News on June 15: Crypto crash, a wave of layoffs, and Bill Gates' 'greater-fool' theory

A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day

June 15, 2022 / 10:20 AM IST

[content][quote]Market Buzz[/quote][title]Bitcoin, Ether in green[/title][circularimage][/circularimage][body]Major cryptocurrencies traded in the green early on June 15 as the global crypto market cap increased 4.3 percent to $936.39 billion over the last day. On the other hand, the total crypto market volume dropped to $103.41 billion. The total volume in DeFi stood at $41.20 billion, a 26.34% decrease over the last day. The volume of all stable coins was $157.28 billion, which is 34.36 percent of the total crypto market 24-hour volume. Read full here

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[content][quote]Big Story[/quote][title]Coinbase slashes 1,100 jobs as crypto winter sets in[/title][body]Coinbase Global Inc will cut about 1,100 jobs, or 18% of its workforce, the cryptocurrency exchange said on Tuesday, the latest company preparing to ride out a downturn in the cryptosphere. The cryptocurrency market has been roiled by extreme volatility as investors dumped risky assets on fears that higher inflation readings would force the U.S. Federal Reserve to turn more aggressive in raising interest rates and tip the economy into a recession. Read details here

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[content][quote]NFT Buzz[/quote][title]Bill Gates blasts crypto, NFTs as based on ‘greater-fool’ theory[/title][body]Billionaire Bill Gates dismissed cryptocurrency projects such as nonfungible tokens as shams “based on the greater-fool theory” at a climate conference Tuesday, reviving past criticisms of digital assets.“Obviously, expensive digital images of monkeys are going to improve the world immensely,” Gates said sarcastically while speaking at an event in Berkeley, California hosted by TechCrunch. He said he’s neither long nor short the asset class. Read details here

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[content][quote]The meltdown[/quote][title]Crypto firms lay off hundreds of staff as coin values nosedive[/title][body]Amid rising inflation and slowing demand, the value of major cryptocurrencies has plummeted dramatically over the last few days, leading to massive layoffs and hiring freezes at crypto-focused companies. Cryptocurrency prices have been falling in tandem with a broader market downturn, leaving crypto businesses, lenders, and traders reeling. Read details here[/body][/content]
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first published: Jun 15, 2022 10:20 am
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