Daily Flash | OpenSea Cuts 20% of Staff, Crypto Market Ascended for 2 Consecutive Days Although Bitcoin Bulls Showed Hesitance

Today's Headline - OpenSea Lays Off Roughly 20% of Its Staff

Devin Finzer – CEO of OpenSea – announced on Thursday that roughly 20% of employees have been let go by the NFT marketplace. He also said that they would provide their severance, including help finding new jobs and healthcare coverage until 2023.

OpenSea has faced a host of troubles in recent weeks, affecting both its balance sheet and reputation. While a former company employee was charged with insider trading in early June, the platform reported a data breach exposing customers’ personal information about a month later.

In Finzer’s statement,

“We’ve been through winter before, and we built this company with the cyclicality of crypto in mind. We’ve also built a very strong balance sheet through the money we’ve raised and product market fit we’ve proven.”

Numerous other crypto firms have announced layoffs of similar magnitude in response to the market downturn. Notable Bitcoin mining firm Compass Mining, which came to the public’s eye when it was revealed the company raked in $1.6 billion back in November, has been forced to fire 15% of staff, admittedly overhiring during the 2021 bull market.

Chart of the Day - StarkNet Token Distribution

As of this writing, Bitcoin (BTC) is trading at around $20,418 (+0.6%) and Ether (ETH) at $1,182 (+6.2%). Notable gainers include Polygon (MATIC) at $0.703 (+9.9%), Uniswap at $6.92 (+12.8%), Aave at $90.1 (+14.9%).

BTC’s most recent struggle is the asset’s failure to break above the $22,000 resistance. For this reason, most traders are holding back their bullish expectations until BTC posts a daily close above $24,000.

Bitcoin’s correlation to the S&P 500 remains incredibly high and investors fear that a potential crisis in the global financial sector will inevitably lead to a retest of the $17,600 low from June 18.

One thing to note is that the lack of appetite from professional traders in the Bitcoin CME futures indicates that bulls are less inclined to push the price higher in the short term.

Influencer of the Day - Kevin Rose’s Proof Acquires Divergence Engineering Team: Decrypt report

PROOF, a Web3 startup from tech entrepreneur Kevin Rose who launched the popular Moonbirds NFT project in April, has acquired NFT engineering team Divergence.

Divergence previously worked on the smart contracts for the PROOF Collective NFT membership pass and Moonbirds NFT launch, both on Ethereum.

There’s significant demand for capable Web3 engineers in the current market, Rose said, and Divergence has shown both ingenuity around NFT drop mechanics and also technical acuity in executing high-profile, valuable projects.

Buzzes of Yesterday - #Uniswap Rallies as Robinhood Adds it to Trading List, #China's Shenzhen Airdrops Digital Yuan to 2.6M Citizens

Ethereum’s Shadow Fork 9 Goes Live in Lead-Up to the Merge

Uniswap Token Rallies After Being Added to Robinhood’s Crypto Trading Menu

Celsius Acknowledges $1.2B Hole in Balance Sheet, Files for Chapter 11 Bankruptcy

CleanSpark scoops up 1K+ mining rigs at 'substantially discounted price'

US Senate Confirms Michael Barr As Fed Vice Chair For Supervision

ECB Recommends Mining Ban and Urgent Stablecoin Regulations

Brazil’s Largest Private Bank Itaú to Launch Tokenization Platform

South Africa To Regulate Crypto As Financial Asset

More than 2.6 million users signed up for the City of Shenzhen's digital yuan airdrop

Author: Gate.io Researcher Peter L.
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