Dash Extinguishes Crypto Jitters As Bears Grip Bitcoin, Bitmain Shutters Center and ConsenSys Trims Back
Dash is reassuring its community that the platform is moving full steam ahead despite the bear market.
“There is little doubt, the severity of financial losses will accelerate the demise of many poorly conceived projects – ones with weak business models, questionable market value, illegal origins, eroding treasury funds, or nefarious intentions. We have already heard from ETCDEV and Steem. For each of the ones we hear about, there are probably many that are shutting down quietly, running on fumes, or burning through distressed ICO funds. Naturally, I’ve heard concerns about Dash Core Group’s ability to continue supporting Dash.
In short, DCG is not at risk of shutting down anytime soon, or of any significant cuts in staffing levels in the near term. We have a significant buffer in place to withstand the impact of the market bottom, whenever that comes.”
Last week, Joe Lubin’s Ethereum-based software studio ConsenSys issued an announcement stating the company will lay off 13% of its staff.
“We are streamlining several parts of the business including ConsenSys Solutions, spokes, and hub services, leading to a 13% reduction of mesh members. Projects will continue to be evaluated with rigor, as the cornerstone of ConsenSys 2.0 is technical excellence, coupled with innovative blockchain business models.”
In addition to recent lay-offs by blogging platform Steemit as well as the shuttering of the Ethereum Classic development team, news outlet Globes reports today that Bitmaintech Israel is a victim of the steep decline in the cryptocurrency market. Bitmain, owner of Antminer and the world’s largest manufacturer of crypto mining hardware using ASIC technology, will close its blockchain development center in Israel this week.
VP Gadi Glikberg, who ran the operation in Ra’anana since its establishment in 2016, told his staff of 23,
“The crypto market has undergone a shake-up in the past few months, which has forced Bitmain to examine its various activities around the globe and to refocus its business in accordance with the current situation.”
The crypto markets remain in a bearish trend, with a total market cap of $111.6 billion, down nearly 50% from $214.3 billion one month ago.
Total Market Cap
Bitcoin (BTC), the leading cryptocurrency, currently trading at $3,513, continues its tight range between $3,350 – 3,645 with a seven-day high of $4,047 on Dec. 4 and a low of $3,289 on Dec. 7.