With various events pointing to a crypto winter developing, it has been a difficult time for cryptocurrency investors and the Web3 space over the past few months.
Since the historic collapse of Luna, the digital asset backing $UST, a stablecoin that also crashed in what was compared to the financial crisis of 2007–2008. In less than 48 hours, the market value of the cryptocurrency sector was reduced by over $40 billion due to the crash of Luna and the algorithmic stablecoin $UST, leaving a lot of retail investors and institutions suffering severe losses.
In addition, the market capitalization of all cryptocurrencies also fell below $1 trillion for the first time since 2018 due to the drop in the price of Bitcoin from $29000 to $17000 in less than a week, which also affected major altcoins such as Ethereum and Solana.
The events in the cryptocurrency space have significantly impacted businesses and institutions that made significant investments during the crash. For example, many layoffs are occurring in major exchanges, including Coinbase, whose CEO Brian Armstrong announced in a tweet that they would be laying off 18 percent of their workforce.
More recently, Bybit announced a layoff of 30 percent of its workforce. In addition, one of the most significant hedge funds, 3AC, has been rumored to be insolvent. As a result, there have been many questions raised by well-known skeptics about whether the market for digital assets can recover from the recent setback that resulted in a loss of money.
Getting the most out of the winter
Despite this setback, some exchanges have maintained their viability and managed to win back investor confidence; one such example is Bit.com. They announced that they intend to hire workers who are losing their jobs due to the current market conditions as they double their workforce.
Leading high-performance cryptocurrency exchange Bit.com offers a variety of benefits for trading futures on its platform, including leverage of up to 50x. With cutting-edge financial products that provide flexibility and convenience to both Spot and Futures traders on its trading platform, Bit.com strives to be the market leader in cryptocurrency exchanges.
In stark contrast to what has been happening in the cryptocurrency industry, Bit.com has accelerated plans to ramp up hiring and increase its workforce. Moreover, with its recent development in this bear cycle, the Bit.com exchange has demonstrated stability and proper management, guaranteeing investor safety during these troubled times.
Additionally, Bit.com plans to introduce new products, starting with the release of its USD options in Q3 2022. Bit.com already supports USDT margined perpetual swaps, and USDT margined futures are priced in USDT. Classic Mode users are not eligible to trade USDT margined futures; information on how to switch to Unified Margin Mode can be found on the Bit.com exchange website.
Even in a bear market, exchanges like Bit.com are dedicated to offering price discovery, trading strategy execution, liquidity provision services, and continuously promoting the development of new financial products.
Despite downbeat market conditions, exchanges like Bit.com restore optimism in the future of digital assets. Institutions have been impacted, but Bit.com is growing. The end of a bear market cycle cannot be predicted. It is unclear if this will be another instance of the cryptocurrency market reaching new record highs. However, the cryptocurrency market has proven resilient over time, with Bitcoin still the highest-performing digital asset in the last decade.