“The ripples going through the market haven’t stopped yet,” said Scottie Siu, chief investment officer at Axion Global Asset Management, which is based in Hong Kong. “I think we’re still in the middle of it, unfortunately the game is not over.”
Celsius has retained lawyers specializing in restructuring and is looking at possible financing options among investors, the Wall Street Journal reported, citing people familiar with the matter.
Celsius is also exploring strategic alternatives, including financial restructuring, it said.
Smaller cryptocurrencies, which typically move in parallel with bitcoin, also fell. Ether, the second, fell as much as 12% to $1,045, a new 15-month low.
The chaos in the cryptocurrency market has spread to other businesses, with a number of crypto exchanges cutting their workforces.
Major US stock exchange Coinbase Global said Tuesday that it will cut some 1,100 jobs, or 18% of its workforce. Gemini, another US stock exchange, said this month it would cut 10% of its workforce.
Yet others continue to hire. Binance, the world’s largest cryptocurrency exchange, said on Wednesday it was hiring for 2,000 positions, and US exchange Kraken said it had 500 positions to fill.
“Hold on,” Binance CEO Changpeng Zhao tweeted.