Bitcoin

The layoff is part of a broader wave of cost-cutting across Big Tech (Meta, Google, Amazon) that began in late 2022. While each individual cut is small, the cumulative effect erodes consumer confidence and reduces the pool of high-income individuals who often allocate to crypto. Moreover, it suggests that corporate earnings may face headwinds, which could spill over into institutional crypto allocations as balance sheets tighten.

Microsoft-owned Xbox plans to lay off 3,200 workers.