Crypto and stock markets have fallen over the last 24 hours due to a lot of longs getting liquidated. Bitcoin is down 3.6%, ethereum down six percent, and many altcoins down around five eight-ten percent. Ethereum is bleeding against Bitcoin and could continue to do so. Meanwhile, the lack of clarity from the Securities and Exchange Commission (SEC) regarding what constitutes a security is creating a lot of uncertainty in the market. The SEC should be able to declare what is a security and follow regulations instead of continuously going after people that don’t follow them. Meta is expected to cut 4,000 jobs on Wednesday.
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Gary Genlzer Roasted over Ethereum Regulation
The cryptocurrency market took a hit as Bitcoin fell by 3.6% and Ethereum by 6%. Altcoins were also down by 5%, 8%, and 10%, respectively. But, there’s no need to be too worried. The fall can be attributed to the liquidation of tons of longs worth 185 million, causing the crypto market to fall, hitting important levels in the process. On the Bitcoin dominance chart, the support line proved valuable as BTC bounced off it. However, it’s important to pay attention as technical analysis, which historically works over the short-term, is showing lower lows on the Ethereum chart trending downwards against Bitcoin. It’s still too early to tell what will happen, but it’s worth keeping an eye on.
Meta to Cut 4,000 Jobs on Wednesday
In stock news, Meta is reportedly set to cut 4,000 jobs on Wednesday following their decision to rebrand from Facebook. The job cuts are expected to be spread across the US, with the majority happening in the company’s headquarters in Menlo Park, California. The decision is part of Meta’s plan to focus on their virtual reality and augmented reality initiatives, a goal they set in 2019, and is expected to save the company between $1 billion to $2 billion in operating expenses.
Possible Buy: Keep an Eye on Meta
In light of recent news on Meta, it’s worth keeping an eye on their stock. While they are cutting jobs, their focus on virtual reality and augmented reality could pay off in the future. It’s always essential to be careful when investing, so make sure you don’t put in more money than you’re comfortable losing.
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