Title: Bitcoin Rises as Cost-Cutting and Layoffs Reverberate Through Crypto Industry
Jun 03, 2022 04:52AM ET
Just as Bitcoin suffered earlier this week due to renewed risk appetite, it rose sharply in Friday's trading.
Early Friday morning, the leading cryptocurrency was trading at a record high of 0.5% as of 10:30am.
At 4:45 a.m. ET, it was up 1.6% to $30,447.
This was after Thursday's sharp rise in stock markets in Europe and the U.S., where the NASDAQ Composite index led the way, closing the day with a gain of 2.69%.
However, the trend in BTC/USD seems fragile and the cryptocurrency could resume its downward path at any time and fall back below USD 30,000.
It is notable that the leading bitcoin alternative, ETH/USD, for example, did not follow the trend and fell 0.9% to $1809.
Especially since risk appetite could be short-lived as recession risks remain even after yesterday's sharp market rise.
Most recently, Tesla CEO Elon Musk intrigued about a big layoff plan, announcing in an email seen by Reuters that he wants to cut Tesla's workforce by about 10%.
This came after JP Morgan CEO Jamie Dimon warned of an "economic hurricane" on Wednesday evening and Microsoft cut its profit and revenue forecasts for the current quarter.
The move came just hours after stock exchange and cryptocurrency holder Gemini, the brainchild of billionaire twins Cameron and Tyler Winklevoss, announced it would lay off 10% of its workforce, or about 100 employees.