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Deposits to crypto exchanges are on the rise


The second week of the year has begun with bullish signs. This article will discuss the events of the first week of 2023 in the crypto world.

Crypto week in a nutshell:

  • Crypto investors depositing to exchanges
  • The crypto winter caused a considerable number of layoffs
  • Metaverse has the potential to create $5 trillion in value
  • Pharmacy chain introduces Bitcoin payments in Ukraine

Read what the crypto world is talking about right now!

Crypto investors depositing to exchanges as the year kicks off

Deposits to cryptocurrency exchanges increased in early January, suggesting investor confidence in centralized services is returning. Centralized services took a hard reputation hit last year after the collapse of Terra Luna and FTX.

Still, a few months ago, investors withdrew significantly more funds from crypto exchanges than they were depositing.

According to Glassnode, crypto investors deposited $1.5 billion in Bitcoin, Ethereum, and USD Tether to exchanges on January 4th. During the same day, withdrawals totaled 1.39 billion dollars, which means a surplus of 115 million dollars.

The trend has continued as the crypto market is experiencing an upward pump right now.

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27,000 workers laid off during crypto winter

The current bear market has caused many crypto companies to cut back on their growth plans. Large companies have had to lay off a significant number of their employees in order to stay afloat.

By significant, we mean a lot. From April 2022 until today, approximately 27,000 employees have been laid off from companies working with cryptocurrencies.

ByBit and Kraken have all cut their staff with a heavy hand. The wave of layoffs does not only concern cryptocurrency companies – technology companies such as Meta and Stripe have also made significant layoffs.

Most layoffs are related to customer service roles, probably due to the drop in the number of users of the services during the recession.

McKinsey: The metaverse could create $5 trillion in value by 2030

Although 2022 was a challenging year for the entire crypto ecosystem, the metaverse is still in a good position for the future. Over the past year, there has been a ton of news about large international companies entering the metaverse.

McKinsey & Company has compiled a report that states metaverse technology has the potential to generate up to $5 trillion in value by 2030.

The report highlighted the need for four technology enablers to realize their full potential: devices, interoperability, platforms, and development tools.

Metaverse’s success depends heavily on creating a positive experience for consumers, end users, and citizens.

In the consumer sector, the metaverse has the most opportunities in e-commerce. McKinsey believes that the metaverse has the most uses in the corporate sector of banking services, process manufacturing, telecommunications, and media.

Source: McKinsey & Company

Ukrainian pharmacy accepts Bitcoin

The Ukrainian pharmacy chain ANC Drugstore now accepts Bitcoin as a payment method. The company has more than a thousand pharmacies in the country. Bitcoin payments work both in the chain’s physical stores and in the online store.

Ukraine has suffered from war with Russia and has found innovative ways to make life easier with cryptocurrencies. Last year, for example, Ukraine received tens of millions of dollars in donations when it announced that it would accept cryptocurrencies.

Blockchains enable safer, more private, and better usability than traditional payment methods. This is why payment technology based on blockchains is excellent even in a crisis because it cannot crash due to its decentralized structure.

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The views, thoughts, and opinions expressed in the text belong to the author and not necessarily to the author’s employer, organization, committee, or other group or individual.

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