Cryptocurrency Firms Announce Layoffs In Bearish Market: What You Need To Know

Numerous cryptocurrency firms globally are firing significant shares of their workforce in the wake of bearish market sentiment. 

What Happened: The last week has seen major cryptocurrency exchanges and companies, such as Gemini, 2TM and Bitso, dismiss dozens of employees. 

The similarity across all these companies is that this decision is a result of market conditions.

According to a CoinDesk report, the Winklevoss twins heading Gemini issued a statement on Thursday announcing a slashing of 10% of staff, deeming the tumultuous state of the market to be at fault.

Furthermore, Brazil’s highest valued cryptocurrency exchange 2TM also dismissed 80 workers this last week, saying it is the result of hiked interest rates and inflation and its effect on the tech sector, according to CoinDesk. 

Other major crypto exchanges such as Coinbase Global Inc COIN, have also announced a hiring freeze across their departments, alongside revoking accepted job offers. 

The Last Word: The aforementioned companies have expressed this to be their business strategy as a result of extreme market volatility. There can be a clear correlation seen between the hiring sentiment and exchange volumes. As market volatility continues, the duration of this "hiring winter" remains unclear.