The gloom in cryptocurrencies continued into Tuesday with one of the biggest trading platforms in the sector announcing it will be laying off 18 per cent of its staff. "We appear to be entering a recession," Armstrong said. Cutting 18 per cent of Coinbase's staff works out to about 1,100 people losing their jobs. The sell-off in cryptocurrencies continued on Tuesday, as the price of Bitcoin briefly dipped below $21,000 US. Armstrong said any staff losing their job will be told so on their personal emails "because we made the decision to cut access to Coinbase systems for affected employees."

Source: CBC News June 15, 2022 10:31 UTC