Markets cryptocurrenciesalso called exchangethey are collectively laying off some 1,700 employees in June alone, a month in which the value of virtual currencies has fallen to its worst level in almost two years.
According to data from insiderthese jobs are the sum of financial and business problems that are holding back some of exchanges most important in the industry.
cases
The environment summarized the main situations in many service applications.
On June 2, Gemini said it would cut about 10% of its workforce. The company has about 1,000 employees, which means that 100 people must be laid off.
Crypto.com announced on June 11 that it is laying off 5% of its workforce, or 260 employees.
On June 14, BlockFi said it was cutting 20% of its workforce of 850, or 170 employees.
On the same day, Coinbase said it would lay off 18% of its workforce, or 1,100 employees.
Argentina-based Buenbit said May 23 that CoinDesk estimates it has cut about 45% of its workforce, which is estimated at 80 people.
Mexican company Bitso said on May 26 that it had laid off 80 employees.
Many of these cases are already in progress. Of course, there is a special case: Binance announced that the company can still afford to hire 2,000 more positions this year.
Crypto winter: not all cryptocurrencies will survive
But while business suffers, virtual currencies themselves are on the verge of collapse.
Recall that the market cryptocurrencies is experiencing a significant decline. bitcoin hitting the $18,000 mark, a figure that hasn’t been seen since December 2020. This dragged on the rest of the list, alerting investors.
We seem to be entering a recession after an economic boom that lasted more than 10 years. The recession could lead to another crypto winter and could last for an extended period,” Coinbase CEO and co-founder Brian Armstrong said in a June 14 blog post announcing the layoffs.
“With huge inflation data and the semi-collapse of the Celsius grid fueling the downward spiral, I think only the best fundamentally strong crypto projects will survive this bear market,” stated Louis Schuman, CEO of Forex Suggest. “This is a remarkable cleanup process as we believe that 80-90% of crypto projects will not last longer than this period, especially if bitcoin falls and remains below $20K,” the expert warns.
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Source: RPP
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.