removed! The massive cut in the cryptocurrency market has affected over 3,500 experts, but it seems the worst is yet to come.
The crypto bear market has dealt a major blow to the labor market in the region. As of July 2, at least 3,500 experts from around the world in the fields of cryptocurrency marketing, human resources, technical support and programming have been laid off.
The biggest cut was recorded at the Coinbase crypto exchange, where the company’s founder Brian Armstrong announced the sacking of 18% of employees (more than 1,000 people). It is not yet clear whether the cuts were due to market conditions or a scandal within the company.
However, other exchanges are also not lagging behind in terms of layoffs. For example, the Bitpanda exchange also announced changes, laying off 730 employees. In third place is Bybit exchange, which, according to media reports, left 20% to 30% of its employees (up to 600 employees) without work due to unsatisfactory growth in operations.
Crypto exchange Coinbase has laid off more than 1,000 people (18% of its workforce) to “maintain stability during the economic downturn”.
– Cryptocurrency exchange Bybit laid off 20% to 30% of employees (up to 600 people).
– Crypto exchange Huobi is preparing to lay off around 300 people.
– Gemini Exchange lays off 10% of employees (~100 people) due to “crypto winter”.
– Coinbase-sponsored marketplaces Wald and Ren also announced cuts but did not specify limits.
– Cryptocurrency lender BlockFi laid off 20% of its workforce (170 employees), while Crypto.com laid off 5% (260 employees).
– Argentinian cryptocurrency exchange Beanbit has fired 45% of its employees (~80 people).
– Mexican exchange Bitso terminated employment relations with 80 employees.
European crypto exchange Bitpanda also announced changes, laying off 730 employees.
– Australian cryptocurrency exchange Banxa fired 30% (about 70 people) citing another “crypto winter”.
BitMEX Marketplace laid off about 75 employees.
Hong Kong-based crypto exchange OSL has cut 60 employees.
fired up: the wave is rising
At the same time, the wave of cuts seems to be gaining momentum. Dan Morehead, head of hedge fund Pantera Capital, previously stated that in the next few months, the crypto market is waiting for even more bankruptcies such as Three Arrows Capital due to the monetary policy of the US Federal Reserve.
Meanwhile, more and more US top managers are sounding the alarm about an impending recession. Tesla and SpaceX founder Elon Musk said the crisis was already here.
Analysts at Goldman Sachs raised the likelihood of a recession over the next twelve months to 30%, and JPMorgan Chase CEO Jamie Dimon also urged people to prepare for the “economic storm” already looming on the horizon. Is.
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