ETCDev Shutters Business, Consensys Tightens Belt, ETC Drops

It’s getting rougher out there in the crypto industry - Joseph Lubin’s Consensys Ethereum accelerator is not ruling out layoffs, while ETCDev is shuttering its business and closing down development on Ethereum Classic.

ETCDev is shuttering its business

CEO Igor Artmanov abruptly closed the business. “This was partially due to the market crash, combined with a cash crunch in the company,” he said in a statement. In a moment we’ll take a look at the Ethereum Classic chart to see what the news means to ETC fans. With that said, we’re sorry to see ETCDev go - they’re a good bunch of people, and we wish them well. But that’s not the only bearish sign as we move into December.

Consensys Ethereum accelerator is not ruling out layoffs

Ethereum co-founder Jo Lubin will AXE underperforming projects from the Consensys stable. That could be more bad news for journalism startup Civil, which secured $2.5M from the company - and then failed to raise its soft cap in a crowdfunding effort last month.

Steemit Slashes 70% ofWorkforce

Steemit - which seems to have been moving along relatively smoothly - has slashed 70% of its workforce. They sighted the pace of adoption failing to keep up with expenses for this.

What gives?

As crypto matures, we are going to start seeing some projects fail. In fact, the traditional rate of failure for startups, in general, is about 90%. We see no reason why crypto should be different - so it’s natural, and even healthy, for the ecosystem. It gives successful companies more room to grow and prunes the unhealthy branches.

Ethereum Classic Technical Overview

Now let’s see how the fundamental news impacted ETC’s price action versus the US dollar, Bitcoin, and Ethereum respectively. It’s worth first mentioning that both Bitcoin and Ethereum lost over 7 percent of their respective value versus the U.S. dollar on Monday. Meanwhile, USD itself wasn’t having a great day either. The DXY, a U.S. dollar index that tracks the value of the greenback versus a basket of fiat currencies, saw minor losses as well. Despite all this, the losses in ETC were far more significant.

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Disclaimer: Don’t forget to complete your risk management due-diligence before developing your investment strategy.

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