- Bitcoin reached an all-time low of $22,725 since December 2020
- Other cryptos are feeling the strain, many of which are facing value declines of more than 30% in just a week
- Many crypto-focused companies have begun issuing hiring freezes and layoffs as a result of the low-valued prices
- Crypto exchange Gemini is laying off at least 10% of its employees, citing a turbulent market and “crypto winter”
Speculation of a bear market has become a reality. Bitcoin just reached an all-time low (since December 2020), with a value of $23,981. Other cryptocurrencies are feeling the effects of this bear market as well, with the total cryptocurrency market cap declining to $1.02 trillion as of June 13, 2022, from $3 trillion in November 2021.
According to Antoni Trenchev, co-founder and managing partner of crypto lending platform Nexo, “Cryptos remain at the mercy of the Fed and stuck in a merry dance with the Nasdaq and other risk…
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