Listed crypto companies losing charm following recent carnage

economictimes.indiatimes.com:

Interestingly, following the sharp carnage and unabated liquidations from the crypto space, several exchanges halted the withdrawals from their platform, adding to investors' worries. Even several crypto-related companies, directly or indirectly, have announced to reduce their headcount significantly, anticipating a dull and long crypto winter.

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Among them, the listed crypto business firms are losing interest from investors and facing severe downgrades from the brokerages at large. Even the performance of these companies has been highly disappointing. Viram Shah, Co-founder & CEO, Vested Finance, said that the euphoria for the listed crypto companies has fizzled out lately and trading volume in such counters has dropped. Companies like Coinbase and MicroStrategy witnessed a solid rise in the volumes in the months gone by, he added. «However, no significant volume trends for Tesla, Meta, Robinhood, Hut8 have been captured on our platform.» Shares of US-listed Coinbase and Microstrategy have plunged as much as 77 per cent and 68 per cent, respectively in the year 2022 so far. Coinbase is one of the largest crypto exchanges in the world, which recently announced to lay off its 18 per cent or 1,100 workforces. India-based exchange Vauld, backed by Coinbase, is reportedly firing 30 per cent of its workforce amid the gloom. Hut8 Mining Corp, one of the world's largest digital currency miners specializing in Bitcoin and Ethereum mining, has eroded about 80 per cent on a YTD basis. Among the other companies, Paypal Holdings has tumbled 63 per cent, whereas Meta