Crypto Bloodbath Intensifies as Coinbase Plans to Lay Off 1,100 Workers

The crypto winter is growing colder, as the giant trading platform Coinbase announced Tuesday that it will axe 1,100 workers, about 18 percent of its staff. Just last week, the company had rescinded hundreds of job offers in an effort to reduce its overhead. Other platforms, including Gemini, BlockFi, and Crypto.com, have also laid off workers. The price of Bitcoin has plunged more than 25 percent in the last month and 54 percent since January, and the value of other tokens has fallen with it. Further roiling markets: the crypto lending platform Celsius recently barred users from withdrawing their assets, citing “extreme market conditions.”