What Is a Crypto Winter?

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Fans of “Game of Thrones” will be familiar with the phrase “Winter Is Coming,” which essentially means bad things are coming in the form of a lasting conflict. That phrase became the genesis of another term these days – “crypto winter” – which describes bad things that are happening already.

See: Coinbase Announces Hiring Freeze, Rescinds Job Offers – Should You Move Your Crypto?
Find: Crypto Winter Is Here – How to Manage Your Assets During a Cryptocurrency Bear Market

In this case, those bad things are tanking cryptocurrency values. The two biggest cryptos, Bitcoin and Ethereum, have both plunged by more than 30% over the last week, Time reported. Bitcoin’s price edged close to $20,000 — its lowest level since Dec. 2020 and 70% off its high set in Nov. 2021. Ethereum’s price sank below $1,100, its lowest in a year-and-a-half and more than 75% below its all-time high, which also came in Nov. 2021.

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Those aren’t the only cryptocurrencies to hit the skids. Leading altcoins such as Cardano and Polygon are both off more than 60% year to date, Forbes reported. Major crypto exchanges like Coinbase and Gemini have also felt the pain, with both recently announce hiring freezes and layoffs. They were joined by lender BlockFi, which announced its own layoffs. All cited the arrival of a crypto winter.

Shares of Coinbase, the largest U.S. digital-asset trading platform, have fallen 86% from their 52-week highs. The company this week said it will lay off 18% of its workforce, Bloomberg reported. The layoffs follow an aggressive hiring campaign by Coinbase in recent…

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