Main Takeaway: Layoffs & Delays
Ever since Elon Musk took over Twitter, he’s wanted to restructure the company by laying off a large portion of the workforce (estimated up to around 3,000 employees). This sentiment of layoffs have spread to other companies such as Dapper Labs, Google, Apple, Meta, etc. So employment sentiment is facing a crisis, especially as the economic downturn starts to go into the winter (with the Fed signaling a willingness to bring down employment).
Moreover, Twitter is reported to be halting work on its crypto wallet, which has reversed prices for the likes of DOGE, BNB, and MASK. Investors and traders should be prepared for a crypto pullback in the coming weeks as FUD sentiment starts to peak.