BTC/ETH prices per CoinDesk Indices; gold is COMEX spot price. Prices as of about 4 p.m. ET
Bitcoin: $16,839 +0.3%
Ethereum: $1,252 +0.1%
CoinDesk Market Index: 806.14 −0.0%
S&P 500 daily close: 3,808.10 −1.2%
Gold: $1,838 −0.8%
Treasury Yield 10 Years: 3.72% +0.0
Top Story
Genesis Global Trading laid off more employees on Thursday, a spokesperson for the crypto-trading firm confirmed in a statement to CoinDesk.
A person familiar with the matter said Genesis eliminated about 30% of its workers, taking it down to 145 employees. Genesis previously cut 20% of its workforce of 260 in August. The sales and business-development departments have been especially hard hit, the person added.
“As we continue to navigate unprecedented industry challenges, Genesis has made the difficult decision to reduce our headcount globally,” a Genesis spokesperson said in a statement. “These measures are part of our ongoing efforts to move our business forward. We sincerely appreciate the hard work of our talented and dedicated team as we continue to work to identify the best outcome for Genesis’s business, clients and employees for the long term.”
The layoffs came after the company sent a letter to its clients on Wednesday saying it would be “reducing costs and driving efficiencies” during a challenging climate for crypto firms.
Genesis, a subsidiary of crypto conglomerate Digital Currency Group (which is also the parent company of CoinDesk), has been harmed by the widespread market collapse resulting from failure of Sam Bankman-Fried’s FTX exchange. In November, Genesis revealed its derivatives business had $175 million in funds unable to be withdrawn. The firm later announced that its lending arm would be halting its own customer withdrawals.
Token Roundup
Bitcoin (BTC): Thelargest cryptocurrency by market value was recently trading at the $16,800 level, about where it stood 24 hours earlier. Equities closed down after a tight U.S. labor market suggested the Federal Reserve is likely to continue raising interest rates. The tech-heavy Nasdaq closed down 1.4%, while the S&P 500 and Dow Jones Industrial Average (DJIA) slid 1.1% and 1.0%, respectively.
Ether (ETH): The second-largest cryptocurrency also traded flat over the past 24 hours to change handsat around $1,250.
Binance USD (BUSD): Recent speculation over Binance’s health appears to have undermined its progress in promoting its own stablecoin, following $5.5 billion of net redemptions from BUSD in a month. The market capitalization of BUSD – the number of stablecoins outstanding times its price, theoretically $1 – fell to an 11-month low of $16.4 billion on Jan. 3 from $22.1 billion at the start of December, according to data by CoinGecko.
Market Analysis: Short-Term BTC Holders Profiting
On-chain indicators show that short-term bitcoin holders are turning slight profits, but long-term holders are continuing to sell at a loss.
The Short Term Holder Spent Output Profit Ratio (STH-SOPR) and Long Term Holder Output Profit Ratio have recently suggested that short-term investors have found small opportunities even as the bear market lengthens and volatility remains low, but that long-term investors who bought at higher prices will have to wait for their windfalls.
The STH-SOPR is an on-chain indicator measuring the price sold versus the price paid for BTC less than 155 days (roughly five months) old.
Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.
