Bitcoin and the altcoins have made a further downward move. The cryptocurrencies were unable to sustain their previous bullish move, hence the selling pressure. The
A new development is unfolding as the stage appears set for the reduction of the workforce of Huobi. Recently, there has been a slump in the economic fortunes of several digital currency exchanges and Huobi, a leading cryptocurrency establishment and a household name that once held sway in parts of China, like its other counterparts suffering from ills within the industry, is already working and perfecting an arrangement that will bring about a reduction in the size of its employees. Facts to Consider Although details are still quite sketchy, there are rumours that the company will go ahead with its plan to cut the number of its workers due to one primary reason: a significant decrease in its profit. The company is expected to make an official statement on this sooner or later. This incidence is occurring when some other cryptocurrency managers are seriously considering and pruning down the size of their labour force. Some notables within this category are Bybit and CryptoCom. Others include BlockFi and Coinbase, a dominant crypto exchange in the United States market that went ahead to announce a reduction of its staff strength by 18% earlier in June 2022.
Federal Reserve Chairman Jerome Powell reiterated the central bank’s commitment to bringing down inflation, saying Friday it’s essential for the global financial system. “The Federal Reserve’s strong