Saturday, Oct 01, 2022
Outlook Money

After Coinbase Layoff, Binance CEO Zhao Announces 2,000 Job Positions; Bitcoin Falls

Coinbase has laid off 18 per cent of its global workforce, including 8 per cent of its staff strength in India to tide over the unending fall in the cryptocurrency market

Changpeng Zhao, the CEO of Binance, the world's largest crypto exchange, said his business has advertised 2,000 positions for recruitment a day after Coinbase revealed it will lay off 18% of its workers.

A day after Coinbase announced it would lay off 18 per cent of its workforce, Changpeng Zhao, chief executive officer of the world’s largest crypto exchange, Binance, said his company has opened 2,000 positions for hire.

“Today, we are hiring for 2,000 open positions for Binance,” Zhao said in a Tweet.

“We have a very healthy war chest; in fact, we are expanding hiring right now,” he said via a video link at the Consensus 2022 conference when asked about rival Coinbase Inc’s recent hiring freeze.

He added that his company is also “kicking into high gear in terms of M&A activity.”

Elsewhere, in an event on climate change hosted by TechCrunch, Microsoft co-founder and billionaire Bill Gates dismissed NFTs as “100 per cent based on greater fool theory” — the financial concept that even overpriced assets can make money as long as you find a bigger idiot to sell them to.

Gates further noted that he preferred investing in assets with tangible outputs, like farms or factories, “or a company where they make products,” and that he held no position in cryptocurrencies or NFTs.

“I’m not involved in that. I’m not long or short in any of those things,” said Gates, suggesting that he was equally wary about resources intended to “avoid taxation or any sort of government rules.”

Recently, the cryptocurrency market is slipping to a new low every day. Bitcoin, the world’s largest cryptocurrency is at its 18-month low, tumbling to $20,407 on June 15. It is down by around 60 per cent so far this year. Meanwhile, Ethereum, the second-largest crypto, fell over 25 per cent to $1,040.

“Crypto winter has hit investors hard, with the price of Bitcoin plunging to $20,000. Notably, the price of BTC was $64,000 before the market crash. As the general sell-off proceeds, other cryptos will tend to fall as well. For now, this could be a bearish run,” says Pardeep Narwal, founder of New Edge Soft Sol, a Crypto mining company.

Crypto Prices

The price of Bitcoin in the cryptocurrency market fell by 4.27 per cent in the last 24 hours, and it was trading at $21,103.06 at 5:30 pm IST. According to, its dominance in the crypto market is currently at 44.60 per cent, down by 0.08 per cent in the last 24 hours.

In the last 24 hours, Ethereum (ETH) was trading at $1,110.55, down by 5.46 per cent, while Binance Coin (BNB) was down by 3.51 per cent during the same time period, and it was trading at $212.67. Solana (SOL) was down by 4.33 per cent to $28.09, while Cardano (ADA) was down by 4.59 per cent to $0.4677.

Meme Coins

Dogecoin was trading at $0.05345 at 5:30 pm IST, down by 3.51 per cent on Its rival, Shiba Inu, was up by 0.09 per cent, and it was trading at $0.000008042. Samoyedcoin was down by 10.15 per cent, and it was trading at $0.003876, while Dogelon Mars was down by 7.40 per cent, and it was trading at $0.0000002574.

Overall Scenario

According to, the global crypto market cap was at $879.71 billion, a decrease of 6.70 per cent in the last 24 hours, while the total crypto market volume was $102.19 billion, a decrease of 28.85 per cent.

LUNA DOGE TOKEN (LDT) was the biggest gainer, gaining 976.44 per cent. It was trading at $0.00001654 at 5:30 pm IST, according to Coinmarketcap. In contrast, Metaxa (METAXA) witnessed the maximum loss and fell by 77.24 per cent. It was trading at $0.0000001892.