In a recent Twitter thread, Cumberland explained on July 5 that “rangebound price action belies a volatile picture below the surface.” CryptoEconomy BurdenedCryptoFirms
that discusses the recent financial hardships spreading across crypto companies. Cumberland noted that while markets are quiet, things could get volatile again due to burdened crypto companies “halting withdrawals, reducing headcount, and hiring restructuring firms.” Cumberland added:
The assets of these companies will, at some point, need to be liquidated in order to partially offset their outstanding liabilities. Uncertainty around the size and timing of these asset sales is hanging over the market like a cloud. Cumberland: ‘Excessively Levered Finance Companies Have Been Punished in Bear Markets for Hundreds of Years’
In 2022, thousands of crypto employees have been let go from a slew of well known crypto-asset and blockchain companies. Firms that have
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