Bitcoin Enters "Deepest And Darkest Phase", Coinbase Fires One In Five And Binance Hires 2,000

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Strategists at crypto company Glassnode claim that the following days are the most dangerous for Bitcoin while Coinbase followed up on its threat issued over the weekend and plans to fire about 20% of its current staff. The crypto bear market is in full swing.

Dark and long

The phrase uttered by Glassnode strategists to describe the current crypto market reminded me of Underworld’s Dark and long dark train, a house music classic of a few decades ago. By stating that “the current bear market is now entering a phase aligned with the deepest and darkest phases of previous bears,” Glassnode described how all Bitcoin HODLers are currently feeling exactly.

#Bitcoin bottom is Celcius Liquidation price

$16,400 seems quite likely given the momentum

This is the biggest opportunity you have had in years

— That Martini Guy ₿ (@MartiniGuyYT) June 15, 2022

They continued their analysis by stating that:

The market, on average, is barely above its cost basis, and even long-term holders are now being purged from the holder base.

Bloomberg gladly took over the quote in their market forecasts on Wednesday.

Sterling under pressure from resurgent US dollar, all eyes on Bank of England and Fed rate hikes, and Bitcoin enters “deepest and darkest phase”

Catch up on this morning’s London Rush ⬇️ https://t.co/je78VzeIdi pic.twitter.com/iH3gcyZvmJ

— Bloomberg UK (@BloombergUK) June 15, 2022

Alex Kuptsikevich, market analyst at FX pro seemed to share the bearish sentiment, explaining that:

Concerns around a sharp tightening of monetary policy are weighing on financial markets and are trickling down into cryptocurrencies through their influence on large institutional investors. It is not surprising that bitcoin and ether are dragging the entire cryptocurrency market down in such an environment.

20k all day. $BTC

Not something I was ever hoping to type again.

— The Wolf Of All Streets (@scottmelker) June 15, 2022

At the time of writing, Bitcoin trades at $22k.

You will be fired

Seems Brian Armstrong, CEO at Coinbase, followed up on his threat of this weekend and will indeed fire a great part of his staff. He also said the company grew “too quickly” during a bull market.

We appear to be entering a recession after a 10+ year economic boom. A recession could lead to another crypto winter, and could last for an extended period, Armstrong said in the email, adding that past crypto winters have resulted in a significant decline in trading activity. While it’s hard to predict the economy or the markets, we always plan for the worst so we can operate the business through any environment.

The market reacted by finally stopping to sell Coinbase’s shares. Even though, they are still down 79% this year and 85% from the all-time high.

Binance Hiring

Crypto platforms like Binance (and Kraken) meanwhile announced at the same time that Coinbase was firing, that they would be hiring instead.

https://twitter.com/cz_binance/status/1537013824666095617

Binance CEO Changpeng Zhao gave slight sneer to Coinbase, Crypto.com and FTX in his announcement message as well, stating:

*It was not easy saying no to Super bowl ads, stadium naming rights, large sponsor deals a few months ago, but we did.*Today, we are hiring for 2,000 open positions for Binance.

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