Tesla CEO Elon Musk pointed to the negative trend of the crypto market and said that the crypto market may face even more economic troubles in the coming months. He said he has a “very bad feeling about the economy” in an internal email sent to executives, adding that he also plans to cut 10% of Tesla’s workforce.
A cut-off of 10% would require at least 100,000 redundancies as the carmaker had about 100,000 employees at the end of 2021, the few studied crypto markets so far where US stock futures and Tesla’s negative economic predictions are likely to affect crypto. Will bother Market.
Musk said last year that he expects a recession by spring-summer 2022, adding that the recession may not be as bad as initially believed, thanks to the loose monetary policy seen over the past two years. By citing.
Furthermore, the door’s forecast comes amid an already ongoing economic struggle from the world’s richest man, while US inflation has hit a 40-year high this time, and remains high for the medium term. are supposed to.
Recent data suggest the US economy contracted in the first quarter, and the crypto market could experience its first major recession in response.
Crypto prices may weaken in response to the recession, while the market already reacted very poorly to the economic turmoil in 2022. As the largest cryptocurrencies, Bitcoin and Ethereum are trading up over 50% from their all-time highs. The loose monetary policy which was followed till 2020 and 2021 is now over.