Crypto Bear Market Has Even Led $15 Billion Bitmain to Lay Off Employees

Tony "The Bull" Severino

6 years ago

3 mins read

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The ongoing bear market has begun to take its toll on a number of businesses, as many seek to close up operations, reduce staff, or make other changes that impact their ability to stay afloat. The latest cryptocurrency firm to feel pressure due to continued price decline, is the $15 billion-valued mining giant Bitmain.

Bitmain Closes Israeli Dev Center Due to Crypto “Shake Up”

After a mere two years in operation, Bitmain will be shutting down its development center in Ra’anana, Israel, citing continued turmoil and uncertainty in the cryptocurrency market.

“The crypto market has undergone a shake-up in the past few months, which has forced Bitmain to examine its various activities around the globe and to refocus its business in accordance with the current situation,” said Bitmain VP International Sales and Marketing Gadi Glikberg who also serves as the Branch Manager at Bitmain’s Israeli development center.

According to Globes Israel, the Ra’anana office has 23 employees who will be laid off in the process. Glikberg himself is also leaving the company in the wake of the closure.

Back in September, before Bitcoin’s price broke through the critical support floor of $6,000 and plummeted yet another 40% from previous 2018 lows, Glikberg appeared unfazed, suggesting that the “market will find a way to perfect itself” when discussing the influence falling prices had on sales of Bitmain’s Antminer ASIC miners. In the same interview, Glikberg revealed that he had aimed to expand his team to up to 30 employees before the year’s end and was anticipating growth into 2019. However, the tides have turned and many business have been forced to either shut down, or alter their business operations significantly to remain competitive in the current market climate.

ConsenSys and Coinbase: Other Crypto Giants Struggling to Survive

It’s not just Bitamin that is suffering amidst the current downtrend in cryptocurrencies. This past week, blockchain innovation firm ConsenSys laid off over 13% of its 1,200 employees in a major restructuring the company is calling ConsenSys 2.0. The company’s founder Joseph Lubin, who also helped co-found Ethereum, said the the market was extremely “competitive” and the company would need to “retain, and in some cases regain, the lean and gritty startup mindset that made us who we are.”

Coinbase, who generated a whopping $1 billion in revenue during 2017’s bull market, also laid off nearly 3% of its workforce this past October. It’s especially surprising for Coinbase to be dropping employees as the firm’s CEO Brian Armstrong has said that bear markets are a time to “build a strong foundation so we can thrive in the next growth cycle.” The company was also recently valued at $8 billion after a successful $500 million round of investment.

Featured image from Shutterstock.

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.