Crypto is dead, Coinbase said in an ad on prime time TV, long live crypto. While at the same time it announced layoffs of 1,100 people. We hired too much, said Brian Armstrong, Coinbase’s co-founder, and so we’re firing some.

Welcome to bear. The most brutal one, discounting 2011, and that’s perhaps because of the size of investments, with $2 trillion wiped out. Enough to make some billionaires into millionaires, like Vitalik Buterin, ethereum’s co-founder.