The cryptocurrency industry is on edge as Bitcoin, which has lost 57% so far this year and 37% this month, fell below $20,000 over the weekend for the first time since December 2020.
The price fall is due to many factors, however, further declines could have a knock on effect on crypto exchanges as they continue to lay off their staff.
Moreover, it is important to note that the balance of Binance’s cold wallet rose by about 101,266 bitcoins on Sunday, reflecting increased deposits by users onto the exchange. In fact, Bitcoin has marked an increase in its trading volume by almost 35% in the last 24 hours, with $44.4 billion worth of tokens moved, according to coinmarketcap.
As mentioned in a previous article on Unlock Blockchain, the bear market has pushed many exchanges to cut down on their costs, by letting go off a huge number of employees, while others are taking the opportunity to harvest these scarce talents.
BitOasis, MENA’s leading platform that allows you to securely buy, sell and trade cryptocurrencies, laid off around 5% (9 employees) of its staff earlier this week across offices in Dubai, Abu Dhabi, and Amman.
The announcement came in an email sent by CEO and co-founder Ola Doudin.
In 2021, BitOasis, which is registered as a Virtual Asset Service Provider with the Financial Intelligence Unit of the UAE central bank, received permission to operate a Multilateral Trading Facility from the Abu Dhabi Global Market.
BitOasis also received provisional approval from Dubai’s Virtual Assets Regulatory Authority (VARA) in March 2022.