Cryptocurrency exchanges like Bithumb, Coinbase, and Coinsquare have all undergone a phase of lay-offs. Talking about dismissing support staff from exchanges in the bear market, Kraken’s Austin Alexander stated that the unique and volatile nature of the space made it difficult to maintain the staffing aspect.
The Vice-President of the leading crypto-exchange, in a recent trading panel at MCC 2019, asserted that a few traditional market players made a foray into the field and tried to copy paste the traditional rules, but failed while doing so. He called these players “big boys” who tried to “move aside” the existing crypto platforms.
Alexander went on to say that,
“There is a lot of competition, but it’s very healthy. If you look at the reality though I think this has just kind of been more widely known but there’s very few like legitimate exchanges with legitimate volume out there if you go to coin market cap and scroll down the list of a thousand exchanges, you know literally 990 of them are all bullsh*t. “
He further cited that only a handful of exchanges exhibit real volume. In terms of staffing levels, the Vice-President said that nobody in the crypto-space predicted the unprecedented activity during the last quarter of 2017 and the first quarter of 2018. Alexander went on to say that Bitfinex performed well, but had their shortcomings.
Echoing a similar sentiment, Miha Grcar, Bitstamp’s head of business, remarked that these players would collapse in the second day of its operation if they witnessed the massive load of activity that was seen in the Q4 of 2017. Grcar also pointed out that most people had not heard about Bitcoin and added that the focus should be on educating people.
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Justin Sun on shaking down the Internet, Coin Metrics on Kin’s blockchain activity and more
Crypto News – 26 June – Justin Sun on shaking down the Internet, Coin Metrics on Kin’s blockchain activity and more
— AMBCrypto (@CryptoAmb) June 26, 2019
Crypto News – 26 June
Bitcoin breaches new resistances: In a sensational run that saw the coin surge by 15% over 24 hours, the world’s largest cryptocurrency breached the $12,000 mark, while also briefly touching the $13,000 mark, before falling again
Read more at https://bit.ly/2ZMkS10
Tone Vays on Bitcoin’s biggest strength: Tone Vays opined that Bitcoin’s biggest strength was the fact that it was completely “unconfiscatable” and that one’s BTC is completely safe if it is protected and secured with attention
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Tron Foundation launches new inititative: Justin Sun’s Tron Foundation announced a $20 million TRX buy-back plan to promote community activity and market stability
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Joe Kernen on Bitcoin, Libra: The once crypto-skeptic, CNBC Squawk Box’s Joe Kernen is of the opinion that Libra is for corporations, while Bitcoin is for the people
Read more at https://bit.ly/31MkqSa
Bloomberg on JPM Coin: According to a report by Bloomberg, the Jaime Dimon-led institution plans to launch the JPM coin and use it for bond transactions
Read more at https://bit.ly/2X75DTr
Fundstrat report on stablecoins: According to a recent report by New York-based Fundstrat Global Advisors, the FS CryptoFX Stablecoin index fell by a whopping 21 percent against BTC, with Gemini outperforming Tether [USDT]
Read more at https://bit.ly/2X5qPJw
BitGo’s latest collaboration: Bitcoin IRA has announced that it will be teaming up with BitGo to launch crypto-retirement accounts insured for $100 million
Read more at https://bit.ly/31UvjBz
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