3 biggest crypto stories to look for this coming week: Can Solana keep up the momentum?

Quick Take

  • Last week saw a number of companies cut more jobs, while regulators are starting up new investigations. Will there be more?
  • Can Solana keep up the momentum after a solid week of gains?
  • Two crypto events kick off midweek.

With crypto winter now starting to feel like an ice age, layoffs and new regulatory investigations could continue to be in the news after a slew of announcements and reports in the first week of January.

Solana had a good week, with its token rising nearly 37%, but it's not clear if it will be able to keep up the momentum.

And if you're looking for an event to attend or follow along with, the Metavsummit kicks off in Dubai on Jan. 12, while the Crypto Finance Conference runs in St. Moritz, Switzerland runs Jan. 11-13.

Will the layoffs continue?

NFT platform SuperRare became one of the web3 latest companies to announce layoffs on Friday, when it said it would cut 30% of its staff. While SuperRare said it had grown “in tandem with the market” in the last bull run, the company acknowledged it had over-hired.

The Singapore-based crypto exchange Huobi also confirmed it would cut about 20% of its staff last week, while The Block reported Genesis Trading had begun a new round of layoffs to reduce its workforce by 30%.

Crypto-friendly bank Silvergate also said it would cut 40% of its staff amid a "crisis of confidence across the ecosystem." Digital Currency Group is shuttering HQ Digital, a subsidiary focused on wealth management that it launched last year, according to a report.

While it would be hard to imagine a worse week than last, the dust doesn't appear to have settled quite yet.

“Firms grew much too quickly during the 2021 bull market that in large part turned out to be a Ponzi scheme,” The Block previously reported Gartner Research Senior Analyst Avivah Litan as saying.

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