Crypto exchange company, Lono, What is the announcement? That it will cut its staff by 35% to help see out the so-called crypto winter. The company said it had taken the move with “deep regret” and that it would affect employees across all its regions. Interestingly, Luno is another subsidiary of Digital Currency Group, which also owns Genesis, which partially filed for Chapter 11 bankruptcy last week.
Luno has decided that it needs to focus on its leadership positions in its core markets to build strong foundations so that it is ready if the crypto market starts to recover. While Luno is a crypto company, it’s important to remember that it’s a business like Google or Microsoft, which has to make painful cuts and focus on its profitable activities.
In the announcement, Luno reiterated that today’s news does not affect customer funds or company operations. It said customers’ funds were safe “despite these extremely difficult circumstances”. However, it should be noted that even if Luno lives up to his word, it’s still not a good idea to keep your crypto on an exchange. Better to transfer it to a wallet that you own alone.
Cryptocurrencies are at a very interesting moment as they are going through what appears to be their first global recession. The collapse of FTX in November sent bitcoin’s price plummeting by several thousand dollars overnight, and it has been scrambling to regain lost ground ever since.
In technical analysis there are things called Golden cross Where the 50-day moving average crosses the 200-day moving average, it could potentially initiate a major rally. With the recent rise in the price of Bitcoin, a golden cross is likely in February but the risk of more crypto firms collapsing is also casting a dark shadow over the crypto scene and ultimately downward pressure on the price of Bitcoin and altcoins. can cause
