Opensea Lays Off About 20% of Its Employees Due to Crypto Winter; plus our weekly BTC and ETH analysis
- OpenSea Lays Off About 20% of Its Employees Due to Crypto Winter
- Bitcoin/USD – BTC Range Breakout
- Ethereum/USD – ETH Range Breakout
OpenSea Lays Off About 20% of Its Employees Due to Crypto Winter
Bitcoin/USD – BTC Range Breakout
Mass layoffs seem to have become normal in recent months, and even the most successful crypto companies have not been immune to the contagion of the crypto winter. On Thursday July 14th, Devin Finzer, the CEO of Opensea announced via twitter that the company would part ways with approximately 20% of its employees, blaming the current crypto winter and macroeconomic instability for its decision. “We need to prepare the company for the possibility of a prolonged downturn,” said Finzer. While OpenSea did not specify the exact number of employees laid off, it did lay out its generous offering of 12 weeks of severance pay, healthcare coverage for 2023, and accelerated equity vesting for those who haven’t hit their cliff. Finzer also noted that he planned to help former OpenSea employees with their future job search through personal networks where applicable. CEO Finzer stated “The changes we are making today put us in a position to maintain multiple years of runway under various crypto winter scenarios (5 years at the current volume), and give us high confidence that we will only have to go through this process once.”
BTC Daily Chart
BTC Weekly Chart
At the time of writing, Bitcoin is priced at about $22.1k and has finally broken its previous range to the upside. While price is above the range and is suggesting that bulls are back in the driver’s seat for the moment, a weekly close over the weekly 200MA would be further confirmation that bulls are in control. On the weekly timeframe, BTC has tapped the weekly 200MA level twice and with every touch of support/resistance these levels tend to become weaker. If price can continue tapping this level it is possible that a break of the level will eventually happen.
Bitcoin Bull Scenario
Bitcoin stays above the previous range and gives a weekly close above the 200 weekly moving average
Bitcoin Bear Scenario
Bitcoin rejects from the 200 weekly moving average and/or closes back within the range, and I would assume prices go lower.
Ethereum/USD – ETH Range Breakout
ETH Daily Chart
ETH Weekly Chart
At the time of writing, Ethereum is priced at $1550 and is currently trading back above its 2017 ATH level. Similar to BTC, ETH was also range bound, but after an announcement from an Ethereum dev about a soft timeline for Ethereum’s transition from proof of work to proof of stake, the good news was enough to push price above both its range and its weekly 200MA. As long as price can stay above its previous range and weekly 200MA, I believe the bulls are in control for now.
Ethereum Bull Scenario
Ethereum maintains the range/weekly 200MA support level on a weekly closing basis and a move to $1800 is in the cards.
Ethereum Bear Scenario
Ethereum loses the weekly 200MA or falls back within the range and lower prices are highly likely.