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- Many cryptocurrency firms have fired a lot of staff members from their teams. While this was happening, many firms earned a lot of profits and grew significantly by hiring many people.
- Things got pretty serious when one of the biggest names in the crypto industry, named BlockFi, the cryptocurrency lending firm, said that the firm would reduce around 20% of its staff on June 13.
- At the time of publication, the price of Bitcoin (BTC) is under $20,000, having fallen more than 37% in the last 30 days, according to the data.
The Struggling Crypto Economy
We all know that we are in the middle of a bear market, affecting countless people worldwide. This volatility in the market has affected the market sentiments so much that it has disappointed investors to a certain extent.
Many cryptocurrency firms have fired a lot of staff members from their teams. While this was happening, many firms earned a lot of profits and grew significantly by hiring many people.
A major cryptocurrency exchange named Gemini was one of the first firms to take steps in this direction. According to sources, the firm decided to cut 10% of its employees in the bear market.
This was in June of this year.
When asked about this situation, the company said the conditions are “likely to persist for some time.”
After this came the famous cryptocurrency companies Coinbase and Crypto(.com), which recently announced their plans to reduce the workforce and staff by a whopping 18% and 5%, respectively.
When asked about these rumors, the CEO of Coinbase, Brian Armstrong, stated that the so-called crypto winter has been growing too quickly.
Market conditions vastly have not changed following many downsizing decisions, and other firms have been forced to make cuts.
Things got pretty serious when one of the biggest names in the crypto industry, named BlockFi, the cryptocurrency lending firm, said that the firm would reduce around 20% of its staff on June 13.
According to sources, the company is also finalizing a deal to buy the platform’s assets worth 25 million USD.
When asked about this, the CEO of Blockfi, Zac Prince, denied all these reported sales and the deal.
As if this was not enough, the Austrian Crypto firm Bitpanda, a stock trading platform, announced on Jue 24 that they are planning a mass layoff.
It is said that the bear market makes it very difficult to handle so many employees. They want to “get out of it financially healthy” in this bear market.
After this layoff, the size of the corporation will be 730.
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Some Changes Showing Up In the market
Even after this, a lot of cryptocurrency companies are growing as fast as a company during their bull run while also being prepared for the losses.
Some of these companies are:
- Binance
- Ripple
- Kraken
- Everstake
At the time of publication, the price of Bitcoin (BTC) is under $20,000, having fallen more than 37% in the last 30 days, according to the data.
Sources reported that the U.S. Financial Industry Regulatory Authority was open to hiring terminated employees from crypto firms to “bulk up” its capabilities.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
