Compass Mining Announces 15% Reduction In Workforce – July 8

๐Ÿ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:ย $21,832

Bitcoin price is ranging between the $21,000 and $22,000 levels to end the week, as price stabilizes around recent highs.

Top-20 altcoins also appear to have found some stability, as Ethereum gains less than 1%, BNB remains unchanged and Cardano also remains unchanged over the last 24 hours of trading.

Top Stories for July 8, 2022 ๐Ÿ”ฅ

๐Ÿ‘‰ Compass Mining Announces 15% Reduction In Workforce

Compass Mining is the first major Bitcoin mining company to lay off workers during the bear market, announcing a 15% reduction to its workforce.

In addition to the layoffs, senior employees and the executive team have also been given pay cuts of up to 50% in an extended effort to make it through tough market conditions.

Compass mining opened at the beginning of 2021 as a mining hosting service, growing to eventually sell more than $500 million in mining equipment and operating over 30,000 miners on behalf of customers.

๐Ÿ‘‰ Fed Vice Chair Calls For Crypto Regulation Before Its Too Late

Lael Brainard, the vice chair of the Federal Reserve, has called for greater crypto regulation before the technology becomes too “interconnected” that it may pose a risk to the wider financial system.

Brainard believes that crypto has not reached that stage yet, however emphasised that stablecoins and legacy bank participation in crypto markets are areas of concern. No specific policy proposals were covered in the speech.

๐Ÿ‘‰ Celsius Lost $350M Of Client Funds In Leveraged Trades

Struggling crypto lending company Celsius was reportedly using more than half a billion dollars in client funds in “leveraged trading strategies,” resulting in the loss of $350 million of the capital.

The trades were made via third-party asset manager KeyFi, whose CEO Jason Stone was one of the primary owners of the infamous 0xb1 Ethereum address โ€“ a major yield-farming account.