Coinbase Rescinds Job Offers & Extends Hiring Freeze – June 6

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $31,476

Bitcoin price has started the week off strong, as price climbs back above the $31,000 level once again, currently holding strong.

Top-20 altcoins have also had a strong 24 hours of price performance, as Ethereum climbs 4%, BNB advances 1% and Cardano jumps 8%.

Top Stories for June 6, 2022 πŸ”₯

πŸ‘‰ Coinbase Rescinds Job Offers & Extends Hiring Freeze

Coinbase has pulled several job offers and extended its hiring freeze “for the foreseeable future” in response to market conditions – coming off a 33% increase in employee headcount during Q1.

Much backlash was received by Coinbase as information emerged that the exchange had previously reaffirmed to new hires that their job offers would not be withdrawn.

The pullback also coincides with a decline in faith in the company and sector from Wall Street analysts, with Coinbase stock price targets being slashed almost in half since April by prominent investment banks.

πŸ‘‰ Bermuda Pushing To Become Crypto Hub Despite Market Downturn

The country of Bermuda is going forward with plans to become a cryptocurrency hub, despite a large downturn in the market so far this year.

The Bermuda Monetary Authority (BMA) has already granted 14 licenses for crypto firms to operate out of the country, including notable names such as Bittrex Global, Circle and BlockFi.

It was highlighted that the country is looking to be selective in their licensing processes, in an effort to preserve quality over quantity in its longer-term crypto hub ambitions.

πŸ‘‰ On-Chain Flows For DEXes Surpass Centralized Exchanges

On-chain fund flows for decentralized exchanges (DEXes) have exceeded those for centralized exchanges, in the year from April 2021 to April 2022.

According to data analytics firm Chainalysis, DEXes received inflows of $224 billion during the period, as compared to $175 billion for centralized exchanges such as Coinbase. Chainalysis economist Ethan McMahon says the rising popularity of DEXes may result in a regulatory crackdown in the near future.