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Unfriendly Crypto Market Forces Crypto Exchange Luno to Trim Workforce

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Luno Exchange - Investors King

Crypto exchange platform Luno has trimmed its workforce by 35% following a turbulent year that rocked the crypto market.

The company has a total headcount of 960 team members according to its Linkedin profile, with its recent proposed layoff plan, the decision will impact more than 330 jobs at the company.

The company’s CEO Marcus Swanepoel in an Internal message shared with employees disclosed that the downsizing of its workforce was necessitated to enable the company effectively navigate the current crypto winter.

The message reads in part,

“As mentioned at our January kick-off earlier, it is with deep regret that I have to announce that we will be reducing our overall Luno team by 35%, impacting Lunauts in all of our regions.

“2022 has been an incredibly tough year for the broader tech industry and in particular the crypto market. Luno unfortunately hasn’t been immune to this turbulence, which has affected our overall growth and revenue numbers.

“As a result, we have to readjust our focus to maintaining our leadership position in our core markets, and continue to lay a stronger yet sustainable foundation for the business as we prepare to come out of this current cycle in a very strong position”.

The CEO further disclosed that the company’s decision will regrettably affect some of its smartest, kindest, and most hard-working team members.

Despite the collapse of one of crypto’s top exchange platforms FTX, which has sent shocking waves to the crypto industry, Luno disclosed that it was not affected even though its parent company Genesis Global faced liquidity pressures until it eventually filed for Chapter 11 bankruptcy protection.

Meanwhile, several crypto companies have been forced to slash their workforce following the FTX contagion. Companies such as Coinbase, Crypto.com, and Kraken have all slashed a significant part of their workforce.

Investors King understands that more than 30,000 jobs have been cut across the crypto industry since last year. So far in 2023, more than two crypto-related firms have implemented job cuts.

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Bitcoin

Bitcoin Trades Above $23,000 Crucial Mark Ahead of Its Next Move

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bitcoin to Nigerian Naira - Investors King

After bouncing from a low of $22,620, bitcoin is trading above the $23,000 crucial mark ahead of its next move.

The largest cryptocurrency by market cap is currently trading at $23,201 at the time of writing this report, data from the Binance platform shows.

Investors King understands that the $23,000 mark is a key level for the flagship cryptocurrency for a possible swing upward. 

This sentiment was also shared by a number of crypto analysts including popular crypto strategist Michaël van de Poppe and Smart Contracter. 

Van de Poppe tells his 647,300 Twitter followers that traders who are betting against the king crypto may provide the necessary fuel for a rally toward his target of $28,000.

Van de Poppe, however, added that a correction towards $21,700 is also in play but not very likely. 

“I’m still favouring a sweep of $21,700 as the most optimal long entry, but people are so hyped to get in the markets that most likely we won’t get it. In that regard, continuation to $26,000-$28,000 seems likely,” he noted on his Twitter page. 

Sharing the same view, a crypto strategist who correctly called the end of BTC’s bull market in 2021, says a move above $23,300 will likely propel Bitcoin to $25,000.

“The way I see things right now, IF BTC flips $23,300 and ETH flips $1,680, THEN we see BTC to $25,000 and ETH with a good candle towards $1,9…before a major retracement,” he tweeted. 

Meanwhile, the cryptocurrency market sentiment continues to increase. Investors who are feeling optimistic about the market conditions continue to plug more cash into crypto funds. Data from CoinShares reveals. 

CoinShares noted that total investment assets under management are up 39% from this time last year and now stand at $30.3 billion—the highest since August 2022.

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Bitcoin

Bitcoin’s New Target is Above $25,000; Says Smart Contracter

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bitcoin to Nigerian Naira - Investors King

A well-known trader in the cryptocurrency market with the name, Smart Contracter has revealed that the next target for Bitcoin is anything above $25,000.

The highly followed crypto analyst had earlier disclosed that Bitcoin will dive below the $23,000 mark. 

According to the popular crypto trader who stated that he is now ready to re-enter the market, he had earlier converted his crypto assets to stablecoins before the recent correction.

Now that Bitcoin has retracted from a recent high of about $24,200 to $22,700 range, the trader says the most capitalised cryptocurrency is low enough to justify once again diving into the market.

Expressing his strong opinion on the Twitter platform, Smart Contracter noted that the flagship cryptocurrency may still make a decline after the next target of $25,000.

“Leaning towards the W5 on BTC being underway, now taking out those $25,000 highs. This might be the final push higher on daily before we get a deeper decline into the next few months. Make the most of it in my opinion,” his Twitter post partly read. 

Additionally, Smart Contracter disclosed that he has begun to accumulate Ethereum (ETH) stating that ETH seems to be preparing for another leg up. 

The trader who is also bullish on Dogecoin (DOGE) says the popular meme-coin has been building strength against BTC for weeks. 

A quick look at the chart shows that Bitcoin has been consolidating below the $25,000 resistance. However, digital gold as it is otherwise called could resume an upward rally if it survives a bearish breakdown of $22,500, Investors King understands. 

Meanwhile, following the recent increase in price, investors are turning bullish once more on Bitcoin and a number of other crypto assets. 

In essence, while there are some worrying technical signs in the short term, a very bullish signal is also developing which if happens could eventually lead to a sharp rally upward and perhaps a FOMO.

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Cryptocurrency

Shiba Inu Becomes Second-Largest Altcoin Holding

Data from WhaleSats shows that Ethereum whales accumulate 50,905,707,716,073 Shiba Inu Worth $735 million. 

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shiba inu - Investors King

Sensational meme-coin, Shiba Inu has become the second largest altcoin amid accumulation spree by Ethereum whales. Data from WhaleSats shows that Ethereum whales accumulate 50,905,707,716,073 Shiba Inu Worth $735 million. 

The recent increase in the value of Shiba Inu is reflected in the growing number of large whale transactions of the meme-coin in recent weeks and the news of its layer-2 protocol which will add more utility to the token. 

According to WhaleStats which analyses the holdings and activity of whales on various blockchains, the 5,000 largest Ethereum (ETH) whales on record now hold a substantial amount of Shiba Inu making it the second-largest altcoin holding among Ethereum whales.

Investors King earlier reported Shiba Inu’s recent momentum which has led to massive accumulation by both retail and institutional investors. 

The genesis of this momentum was triggered by extended hype on the project’s plans to launch a layer-2 protocol known as Shibarium.

The layer-2 protocol which is similar to the Polygon (Matic) scalable solution will allow developers to launch custom tokens on the Shiba Inu network while using ShibaSwap as the gas fee. 

Owing to this development, Shiba Inu has moved to outperform its main rival, Dogecoin, up by 65.36% in the past 30 days as against the 26.30% movement made by Dogecoin. Binance data reveals as of the time of writing this report. 

In addition, while the broader cryptocurrency market remained steady during the last weekend, Shiba Inu (SHIB) made a strong move of more than 30%. 

On Sunday, February 5, the SHIB price touched a new 2023 high of $0.000015 Data from CoinGecko reveals. 

Shiba Inu’s lead developer Shytoshi Kusama who confirmed the development of the layer-2 protocol, Shibarium is on track also added that the launch shall happen next week around February 14. 

The launch of Shibarium will improve the scalability prospects of the Shiba Inu blockchain while lowering the gas fees

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