• Coinbase, Kraken, Crypto.com, and Gemini are some of the well-known cryptocurrency firms that have recently fired staff due to the prolonged bear market.
• The crypto market has seen a recent revival, but many firms have still announced a new wave of layoffs, including Gemini, Blockchain.com, and Coinbase.
• Thousands of people have lost their jobs due to the unfavorable macroeconomic environment and the effects of the bear market.
Despite the recent revival of the cryptocurrency market, some of the industry’s leading players have continued to announce layoffs. Coinbase, Kraken, Crypto.com, and Gemini are some of the well-known cryptocurrency firms that have recently fired staff due to the prolonged bear market. The macroeconomic environment has been unfavorable, and the effects of the bear market have been far-reaching, leading to thousands of people losing their jobs.
The bear market began in 2018 and lasted for almost two years, causing many crypto firms to reduce their workforce. Coinbase and Crypto.com were among the first to make cuts in 2019, with Coinbase reducing its staff by up to 30% and Crypto.com letting go of around 20 employees. Kraken and Bybit also followed suit with their own layoffs, with Kraken reducing its staff by 10% and Bybit dismissing 6% of its staff.
At the start of 2021, the crypto market has seen a revival, with Bitcoin’s price reaching an all-time high of $42,000 and altcoins like Ethereum also performing well. But, despite the positive sentiment, many firms have still announced a new wave of layoffs. Gemini, a crypto exchange founded by the Winklevoss twins, recently let go of 10% of its workforce, while Blockchain.com announced a 10% reduction in staff. Coinbase is also carrying out another round of layoffs, with the company set to reduce its staff by up to 70 people.
The effect of the bear market has been far-reaching, with thousands of people around the world losing their jobs due to the unfavorable macroeconomic environment. Crypto companies have had to reduce their workforce in order to cope with the challenging times, and the trend seems to be continuing despite the recent revival of the market. The dismissals have been a major blow to the industry, but many remain hopeful that the market will continue to recover and that new jobs will be created in the near future.