Bitcoin inches up on reports of crypto industry layoffs

Bitcoin inches up on reports of crypto industry layoffs

On Wednesday, Bitcoin managed to surge due to the fact that market participants took a breather after the previous week’s ascend against the backdrop of reports that a crypto miner and exchange were actually downsizing their platforms.

As a matter of fact, Bitcoin shot up by nearly 0.2% coming up with a reading of $3,717.50, pushing its profits for the last week to a mind-blowing 25%.

The cryptocurrency mining company Bitmain told that it was making a series of tweaks to their staff because the firm focuses on its cornerstone business. Despite the company didn’t provide concrete data, reports initially hinted that up to 50% of the employees would be fired. On the other hand, other rumors stated that the extent of the reduction could hit 85%.

As follows from a report from the South China Morning Post, the firm didn’t confirm that it would have over half its employees fired.

Some market experts suggested that the news would be too bearish for LItecoin and Bitcoin cash considering the huge amounts of these digital coins on Bitmain’s balance sheet.

In addition to this, Huobi Group, crypto exchange operator also uncovered its readiness to optimize its workforce because it reinforces it for its basic businesses as well as emerging markets.

The layoffs show up as digital coins hit an industry-wide bear market this year. The leading crypto asset by market capitalization, Bitcoin has dived over 70% in 2018 because crypto euphoria faded away.

Some market experts expressed rather an upbeat view for the crypto industry. From their point of view the tough bear market digital currencies have faced in 2018 can be considered to be beneficial for the rapidly soaring industry in the long term.    

Ethereum rallied by 1.8% ending up with $124.77. Litecoin hit $29.35, losing 1.3%. As for XRP declined by 0.6% reaching $0.36411.

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