All You Need to Know About Spot Trading and Futures Trading
Crypto Is Making a Mark on the 2022 World Cup With Various Events and Charities

Crypto Financial Services Firm Unchained Capital Cuts About 15% of Staff

Join the Trading Community: Learn & Earn with BingX.

Today’s Cryptocurrency Headline

Unchained Capital, a crypto lending platform, announced about 15% layoffs and transferred its head of business development, Parker Lewis, to the board of directors, and chief product officer Will Cole to a senior advisory position. Company co-founder and CEO Joe Kelly said on Friday that while Unchained has never had exposure to FTX, Alameda, or any other institutions which have lost client funds, “funding for bitcoin-backed loans has been materially constrained by recent market events.” On the other hand, Joe Kelly pointed out that the company is seeing record highs in new client numbers, Bitcoin deposits, and trading volumes, and the loan book currently has a 214% collateral-to-principal ratio.

BingX’s Bitcoin Chart

Source: TradingView & BingX

Bitcoin is down 2.84% over the last 24 hours and fell to an intraday low of $16,123.01. The largest cryptocurrency continues to trade in the $16,000 – $17,000 price zone during the weekend as investors continue to maintain a risk-off stance. The downsloping moving averages and the relative strength index (RSI) in the negative zone, indicate that the bears are in control. If the BTC/USDT pair drops below the $16,000 price level, the  pair could retest the November 9th low of $15,588.

Disclaimer: BingX does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. BingX is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the article.