Doctor of Medicine
Ongoing layoffs at cryptocurrency mega-firm Bitmain could start a fresh wave of selling in Bitcoin Cash and Litecoin markets, according to prominent crypto investor Kyle Samani.
The cryptocurrency-focused venture capitalist said in a tweet that the Bitcoin mining giant is — if rumors are true — running out of money to continue its operations across mining and blockchain development. The financial scarcity has led the Chinese firm to downsize its workforce, reportedly by 50 percent or more. And to further meet its ends, Samani said Bitmain would likely dump its crypto stockpile, which includes a massive number of Litecoin and Bitcoin Cash tokens.