Crypto Firm Galaxy Digital to Reduce Headcount by 20%

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Today’s Cryptocurrency Headline

Galaxy Digital (GLXY), a cryptocurrency-focused financial services company run by Michael Novogratz, plans to lay off at least 20% of its global workforce. Galaxy reported a second-quarter net loss of $554.7 million in August, more than triple the loss a year earlier, and assets under management dropped 40% from the first quarter. The company is scheduled to report its third-quarter results before the market opens on Nov. 9. Its shares were up 2% early Tuesday, but are down 80% in the past year.

BingX’s Bitcoin Chart

Source: TradingView & BingX

According to The Block’s data dashboard, cryptocurrency exchange volume in October was just $543 billion, down from $733 billion in September. Bitcoin is up 0.42% over the last 24 hours and rose to an intraday high of $20,695.41. The 100-day moving average is currently acting as a strong resistance, rejecting the price to the downside. Investors are looking ahead to the next big economic event, the Federal Reserve’s monetary policy decision due out Wednesday, with many expecting the Fed to increase rates by 0.75%. Bitcoin will likely continue to trade below the 100-day moving average until the tension of tomorrow has passed.

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