Thread by @defihumair

1- Crypto Winter is here Cryptocurrency Exchange fires 1,100 global workforce
🧵👇
#cryptocrash #cryptowinter
cryptoavanza.com/crypto-winter-…

2- The world’s third-largest cryptocurrency exchange laid off more than 1,100 employees and declared a crypto winter. The company said in a blog post that the weakening in crypto markets was caused by slowing macroeconomic and geopolitical factors.
#FOMC
blog.kraken.com/post/16442/bus…

3- Kraken, which is the world’s third-largest cryptocurrency exchange by volume, is letting go of about 30% of its staff, according to the company’s CEO.
@krakenfx

4- #Kraken is an exchange and bank for cryptocurrency based in the U.S. It was founded in 2011. It was one of the first bitcoin exchanges to be listed on #Bloomberg Terminal. As of the middle of summer 2022, it was said to be worth $10.8 billion USD.

5- Why did the Crypto Exchanges fire workforce?

6- After the $UST event, the crypto market is still in survival mode because the luna incident hit the crypto market hard and caused a $60 billion wipeout from the market in just a couple of days. The luna incident affected #Celius, #Voyager, #BlockFi, and #3AC.

7- Market has already survived the failures of Luna and other crypto-lending companies. So now that #FTX Exchange has collapsed on November 11, the crypto market is in even more pain, which is why crypto market has far too much cash flow volume to survive, particularly for CEX.

8- “I remain extremely bullish on crypto and Kraken,” Powell added
@krakenfx