Layoffs Are Coming For Crypto Companies

Coinbase laid off 18% of their company

If you were in the crypto space, you probably saw the announcement of Coinbase laying off 18% of its workforce

CNBC Now @CNBCnow

Coinbase lays off 18% of workforce as executives prepare for recession and 'crypto winter'

cnb.cxCoinbase lays off 18% of workforce as executives prepare for recession and ‘crypto winter’Coinbase is laying off almost a fifth of its workforce amid a collapse in crypto prices.

Layoffs are coming and starting to grow in the tech world; here is a photo Zerohedge shared this morning:

And as of today - it looks like the housing market is about to see a ton of shakeups:

zerohedge @zerohedge

REDFIN CORP CUTS ~8% EMPLOYEES IMMEDIATELY

zerohedge @zerohedge

COMPASS TO CUT ABOUT 10% OF WORKFORCE AMID US HOUSING SLOWDOWN Even odds of first negative payrolls print between July and August

On Google Trends, I looked up “recession” and chose the pandemic's beginning.

I also did it for “layoffs.”

Not quite what I expected, but it seems, based on google searches, we are not at the height of fear like we were when the pandemic started.

However, most normal people probably are not paying attention to the economy as much. COVID shutdowns happened to everyone at the same time. Recessions hit individual industries first, then roll into everything once the dominos begin to fall.

I don’t think we are even close to max pain yet. And it is just getting started.