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Crypto winter is when prices fall and remain low for an extended period, such as they did between early 2018 and mid-2020. Coinbase CEO Brian Armstrong said managing the companyвЂ™s expenses right now is critical to вЂњoperate in this highly uncertain period in the world,вЂќ referring to the possibility of a recession and a вЂњcrypto winter,вЂќ according to a post published on Coinbase. Coinbase, the largest crypto exchange in the U.S., announced it is laying off 18% of its workforce amid a collapse in the crypto market.Co-founder Su Zhu took to Twitter Tuesday evening to address the rumors but didnвЂ™t give specifics, stating the firm is вЂњin the process of communicating with relevant parties and fully committed to working this out.вЂќ This comes shortly after crypto lender Celsius announced it is pausing its withdrawals, spurring concerns of potentially another crash in the crypto market.

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Dubai-based crypto fund Three Arrows Capital, popularly known as 3AC, is allegedly attempting to figure out how to repay lenders and other counter-parties after it was liquidated by crypto lending firms in the space, according to a BlockFi report. Rumors began to swirl Tuesday that a major crypto hedge fund could become insolvent following the crypto market crash this week.The comments come amid a tumultuous week for crypto, with bitcoin dipping below $21,000 and ethereum falling below $1,100 Wednesday. Bill Gates, one of the richest people in the world and a well-known critic of crypto, has once again slammed the industry, saying crypto and NFTs are вЂњ100% based on greater fool theory.вЂќ During a TechCrunch talk on climate change Tuesday, the billionaire Microsoft implied that crypto and NFTs are overvalued assets and sarcastically joked that вЂњexpensive digital images of monkeysвЂќ would вЂњimprove the world immensely.вЂќ During the talk, Gates said heвЂ™s вЂњnot involved in thatвЂќ and вЂњnot long or short any of those things,вЂќ referring to crypto and NFTs.HereвЂ™s what investors should make of the latest crypto news: Either way, experts advise not to make financial decisions based on news-related panic or hype. The big crypto market crash is just the latest reminder for investors that crypto assets come with extra risk and volatility, especially in times of economic and political uncertainty like weвЂ™re in now. I donвЂ™t know where itвЂ™s going to go, but based on past trends, weвЂ™ve been in that range.вЂќ вЂњSome people track the 20-week average for bitcoin, and according to that, that gets us in the $20,000 to $30,000 range. вЂњSometimes bear markets can last up to several months,вЂќ Charlene Fadirepo, a crypto expert and founder of Guidefi, recently told NextAdvisor during an Instagram Live. And some experts are warning the worst may be yet to come - and bitcoinвЂ™s price, as well as other cryptocurrencies, could drop even further.