Coinbase announced it laid off 1,100 employees this week and rescinded 300 job offers. The action was reported to be 18% of the staff.

Now. a Coinbase CEO is on the wires saying further job cuts cannot be ruled out should the Crypto selling continues.

Wired magazine had recent article where it cited a memo from Sequoia, the venture capital firm saying:

IN MAY, THEventure capital firm Sequoia circulated a memo among its startup founders. The52-page presentationwarned of a challenging road ahead, paved by  inflation  , rising interest rates, a Nasdaq drawdown, supply chain issues, war, and a general weariness about the economy.Things were about to get tough, and this time, venture capital would not be coming to the rescue. “We believe this is a Crucible Moment,” the firm’s partners wrote. “Companies who move the quickest and have the most runway are most likely to avoid the death spiral.”

Those are strong words for the plethora of startups, SPACs, etc. that used the free money from the Covid bailout to tap venture capital money and lead the lambs to slaughter without earnings to back it up.

The price of  bitcoin  is trading at $20512 currently after reaching a low of $20220.16 today and a high of $21325.06. The price is looking to end the week below the 200 week MA at $22354.79. The price is down -70% from its November 2021 high and trades at the lowest level since the week of December 14, 2020.

Bitcoin is closing below the 200 week MA