Cryptocurrency industry is at an all-time low and has suffered a loss of over a hundred billion dollars. Most cryptocurrencies have hit the lowest values in just a year. The businesses that customized their platforms to function on crypto have also suffered great losses.
It was reported that many businesses are giving up on the crypto functioning systems after witnessing Bitcoin’s decline in the rate of over forty-eight percent in value since November. In November the price was six thousand four hundred dollars ($6,400) which have significantly declined since then.
ETC Classic is the seventeenth leading crypto in the market. The developers on it have decided to stop working on it because of the current rapidly declining rate in the market. It is risky to work on a crumbling business that is showing no signs of recovery.
Joseph Lubin who is an employee at ConsenSys said that last week the number of staff would be shortened because the market is falling and investors are showing no interest in investing in the crypto market anymore. Similarly, Steemit Inc also had to decrease its number of staff by thirty percent to make ends meet. SpankChain first let off eight employees at the start of this year but now at the tragic declining trend continues four more employees were dismissed.
On a positive note, this year was a great boost for some crypto start-ups. Some such successful startups include Sirin Labs, Finney. Although 2018 brought great despair to the crypto market technology with this much potential is bound to no fade away and with the appearance of institutional investors, next year may turn things around for the crypto market.