RATE Group | Cryptocurrencies Dip Amidst Market Selloff By Investing.com
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Cryptocurrencies Dip Amidst Market Selloff By Investing.com

11 Dec Cryptocurrencies Dip Amidst Market Selloff By Investing.com

Posted at 06:08h in Cryptocurrency News by

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© Reuters.

Investing.com – Major cryptocurrencies dropped on Tuesday morning in Asia, as digital token companies are cutting staff amidst a massive market selloff.

fell 3.1% to $3,462.7 and was down 2.3% to $90.6 at 11:30 PM ET (04:30 GMT).

edged up 0.3% to $0.30909, while dropped 2.7% to $24.230.

Cryptocurrency companies are laying off more staff to survive a market selloff, the Wall Street Journal reported. Blockchain venture firm ConsenSys plans to cut 13% of its staff, while blockchain-based social network company Steemit slashed 70% of its employees, the WSJ reported.

Bitcoin has dropped nearly 80% to its lowest point this year from $17,172.3 at its peak in January, while Ethereum also slid nearly 90% from January this year. The total cryptocurrency market capitalization took a nosedive of 7 times from the start of the year, according to data from CoinMarketCap.

“As things get real we have to be a lean, business-minded…

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