Here’re the 10 biggest losers in cryptocurrency crash

Cryptocurrencies have turned many people into millionaires, or even billionaires over the last several years. Bitcoin, the most famous cryptocurrency in the world, debuted at $0.0008 per token in July 2010. Fast forward to November 2021, it reached an all-time high of $69,000.

This unimaginable jump in wealth has attracted many retail and institutional investors over the years, bitcoin has lost over two thirds of its value.

Bitcoin was not the sole loser in this crash. Many major platforms have laid off staff, paused withdrawals, and lost tremendous portions of their market caps in the last few months.

As this downward continues, in this article we discuss the 10 biggest losers in cryptocurrency crash, including those that let go workforce, halted withdrawals temporarily or lost part of their market value.

10) Coinbase Global, Inc.

Coinbase Global, Inc., one of the world's largest crypto-trading platforms, recently announced slashing its workforce by 18%, around 1,100 jobs, as part of corporate restructuring in response to plummeting crypto prices and a weak macro outlook in general.

The company shares have suffered a massive decline of 79.6% in the year so far.

9) BlockFi

On June 13, BlockFi, a crypto lending platform, which serves more than 650,000 clients around the globe, announced that it was letting go of 20% of its staff. BlockFi is also slowing its headcount growth, reducing marketing budgets, cutting executive compensation and eliminating non-critical vendors.

8) Crypto.com

Crypto.com is a crypto exchange and trading platform which enables more than 50 million users around the globe. On June 11, Crypto.com announced that it will let go of 5% of its corporate workforce, around 260 personnel.

7) Terra Platforms

In 2018, Outspoken South Korean entrepreneur Do Kwon co-founded Terra Platforms, launching a blockchain-powered platform to enable a more efficient payment system. A large part of the ongoing crypto meltdown can be attributed to the Terra USD losing its dollar-value in May, falling as low as 69 cents.

This caused a lot of investors to sell their holdings and become nervous about crypto as a whole. Millions of investors have lost their life savings with the $40 billion fall of the Terra platform, which was only a month ago considered one of the top names in the crypto world.

6) Celsius Network

Celsius Network operates as a cryptocurrency bank, where users can deposit their cryptocurrencies to receive returns as high as 18%. It also provides low-cost loans, accessible to its members through a fee-less model. The company boasts more than 1 million customers, and was managing more than $26 billion in assets as of October 2021.

Despite the company’s position, on June 13, it stated that it was pausing all withdrawals, transfers and swaps on its accounts “due to extreme market conditions”. The company said it was doing so in order to preserve and protect its valuable assets, and stabilize liquidity and smoothen operations.

5) Gemini

Gemini was the first crypto-trading platform to be approved by the New York State Department of Financial Services (NYSDFS), which has the strictest cryptocurrency regulations in the United States.

But like most major platforms in the crypto space, Gemini recently announced a 10% reduction of its 1,000+ workforce in order to adapt to the present times.

4) Binance Coin (BNB)

Binance Coin was launched by Binance, the world’s largest crypto trading platform, has lost 62.65% in the year to date as of June 19. Binance CEO Changpeng “CZ” Zhao recently stated that despite many competitors introducing job cuts and hiring freezes, Binance avoided spending on stadium naming rights and Super Bowl ads.

3) Solana (SOL)

Solana (SOL) is token cryptocurrency of the Solana Blockchain Ecosystem. It is one of the fastest growing crypto ecosystems in the world. SOL has lost 82% in value since the start of the year, falling from $171 on January 1 to $30.49 as of June 19.

2) Ether (ETH)

With a $117 billion market cap, Ether is second only to Bitcoin in the trillion-dollar cryptocurrency market. Ether fell below $1000 for the first time since its meteoric rise in

2021, the year in which it gained 386%, almost $3,000. As of June 19, Ether trades at $961.30, and has seen continuous declines recently.

1) Bitcoin (BTC)

Bitcoin is the most popular cryptocurrency in the world. Reaching an all-time high of $69,000 in November 2021, Bitcoin now sits at around $18,300 as of June 19.

Source: Insider Monkey