Financially troubled cryptocurrency firms, according to Cumberland, are “hanging over the market like a cloud.”
Following the OTC -Twitter book on June 14, Cumberland explained on July 5: “Update the turbulent image under the operation of Rangfound” and cryptographic markets united last week. Cumberland emphasized that encryption companies feel the financial burden, and “uncertainty” related to intense companies “hangs like a cloud on the market. In the middle and June, the affiliate TRW, Cryptocurrency, explained that Cambland ODC’s trading table was significantly observed on June 13. In fact, on May 13, the company posted growth so far, with volume up 30% on June 13 compared to mid-May. Cumberland recently wrote about the Securities and Exchange Commission (SEC) rejecting Grayscale’s offer for an exchange-traded fund (ETF). Federal Reserve Chairman Jerome Powell of the Cumberland Federal Reserve System also spoke about inflation, the recession and the current macroeconomic situation.
The next day, DRW partner and president of Cumberland Global Chris Zuelke appeared on CNBC and explained why he sees the decline as a sign of market maturity. A few days later, Cumberland released a thread discussing the recent financial problems of crypto companies. Cumberland noted that when the markets calm down, it will again be volatile, as crypto companies “stop the outflow, lay off employees and hire restructuring companies.” Added Cumberland. In 2022, thousands of crypto employees have been laid off by leading companies on crypto assets and blockchains. Companies that have cut employees include Coinbase, Gemini, Etoro, Robinhood, Bitso, Crypto.com, 2TM and Buenbit. Cryptocurrency lender Celsius suspended withdrawals on June 12, and Voyager recently suspended withdrawals on the platform.
Cumberland’s Twitter account explains that behind the scenes and behind the chain, the financial problems aren’t as obvious. The OTC statement echoes comments made by FTX CEO Sam Bankman-Fried on June 19, who said problems like the failure of 3AC “obviously could not have happened with an on-chain protocol.”
Read more: Making money out of online identities with SimpDAOs