Altcoins

Bitmain Layoff Being High As 80% Is Extremely Bearish For Bitcoin Cash And Litecoin, Says Managing Director Of MultiCoinCap

The managing director of Multi Coin Cap, Kyle Samani exclaims that the Bitmain layoffs are a major factor that the market for BCH and LTC is destined to plummet anytime soon. The business units that were no longer necessary were cut off along with the AI initiatives being decimated for good. The downsizing might be good for the genesis crypto, the bitcoin but for BCH and LTC, the trend seems highly unlikely the way it is said to be with BTC. Samani states that as the chief executive officer of Pixlematic, Samson Mow says, the layoffs are 50% which are likely to rise up to full 80% which sure is not a decent move to go with as far as the company is concerned but the thing is, they are out of cash to support their projects like the AI initiative that was dedicated for it. BlockPublisher attempted successfully to extract some words from the man himself over the situation that can, as Samani suggests, can decide the fate for the coin BCH and LTC.

The downsizing is bearish for BCH and LTC as Bitmain possesses 1 BCH and 1M LTCs with them that they can liquidate to keep the wheel turning. The major reason for the layoffs is that they are out of cash to support a huge team.

The coins that are about to be liquidated to cash will yield a greater amount to be purchased which is a direct hint  that the price is likely to plummet down to the ground. The company can indirectly alter the consequences for the two coins as the act will project a great quantity of the purchase-able coins into the system stream.

The chief executive officer of Three Arrows Capital, Su Zhu jumps into the discourse proving the very point that the act that the Bitmain layoffs can adversely affect the two coins is right on. Zhu states that in case we opt that they are announcing they are rising the headcounts to a double, that will certainly drain them out of their cash.

Easy way to prove this: imagine if they announce that theyre doubling headcount, wed say thats insanely bearish and almost certainly will run out of cash soon.

Mohammad Shazil

A Riverside, CA born Electrical Engineer who bears the passion to write over every happening around. A crypto zealot. Shazil is the sub-editor of BlockPublisher news. Contact the editor at editor.news@blockpublisher.com

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.