{"id":1516185,"date":"2022-06-15T06:05:17","date_gmt":"2022-06-15T10:05:17","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1516185"},"modified":"2022-06-15T06:05:19","modified_gmt":"2022-06-15T10:05:19","slug":"crypto-firms-cut-jobs-as-market-cap-of-crypto-market-falls-below-1-trillion","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/crypto-firms-cut-jobs-as-market-cap-of-crypto-market-falls-below-1-trillion\/","title":{"rendered":"Crypto Firms Cut Jobs as Market Cap of Crypto Market Falls Below $1 Trillion"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fcrypto-firms-cut-jobs-as-market-cap-of-crypto-market-falls-below-1-trillion%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1516185&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Multiple crypto firms have announced plans to cut jobs as the digital currency market continues to decline, with its total value falling below $1 trillion on June 13.<\/p>\n<p>BlockFi announced a reduction in its headcount by around 20 percent. CEO Zack Prince said in a June 13 <a href=\"https:\/\/twitter.com\/BlockFiZac\/status\/1536372338379608065\">tweet<\/a>, \u201cThis is not a decision we take lightly.\u201d<\/p>\n<p>BlockFi grew from 150 employees at the end of 2020, to more than 850 employees. Prince pointed out that the company has been impacted by the \u201cdramatic shift in macroeconomic conditions\u201d causing its growth rate to suffer a \u201cnegative impact.\u201d<\/p>\n<p>Reducing the headcount is one of various ways the company plans to manage costs in order to be profitable.<\/p>\n<p>Prince called his employees \u201cthe brightest minds in crypto &#038; tech\u201d and expressed his gratitude.<\/p>\n<p>\u201cWe\u2019re working to ensure they find a new opportunity when they\u2019re ready. Those impacted can include their contact info in a directory, and we\u2019ll connect them w\/ companies hiring,\u201d Prince said.<\/p>\n<p>Crypto.com will also terminate a portion of its workforce. In a June 10 <a href=\"https:\/\/twitter.com\/kris\/status\/1535431489315213312\">tweet<\/a>, CEO Kris Marszalek announced a reduction in the corporate workforce by around 260 employees or 5 percent. The termination is \u201cdifficult and necessary\u201d to make sure the company has \u201ccontinued and sustainable growth\u201d in the long term, he noted.<\/p>\n<p>\u201cThe markets will turn, and when they do, you can be sure that we will be ready to drive and capture the next wave of growth for cryptocurrency adoption,\u201d Kris said.<\/p>\n<p>The layoffs come as the value of the cryptocurrency market fell below $1 trillion for the first time since January 2021. On June 13, the value plunged as low as $926 billion. That number is a far cry from November 2021 when the crypto market peaked at $2.9 trillion.<\/p>\n<p>In the past two months alone, the market has lost $1 trillion in value. Bitcoin, the world\u2019s largest cryptocurrency, fell to its <a href=\"https:\/\/www.theepochtimes.com\/bitcoin-falls-to-18-month-low-as-us-inflation-spikes-to-record-high_4529613.html\">lowest level in 18 months<\/a> on Monday and is down by over 50 percent year-to-date.<\/p>\n<p>Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, blamed the crypto market decline on inflation.<\/p>\n<p>Bitcoin and Ether are getting a \u201csevere bruising in the ring,\u201d <a href=\"https:\/\/www.reuters.com\/business\/finance\/cryptocurrency-market-value-slumps-under-1-trillion-2022-06-13\/\">she said<\/a>. \u201cThey are prime victims of the flight away from risky assets as investors fret about spiraling consumer prices around the world.\u201d<\/p>\n<p>Last month, crypto exchange Coinbase announced a temporary end to recruitment, quickly making that a permanent freeze. \u00a0This morning Coinbase CEO Brian Armstrong announced in a <a href=\"https:\/\/blog.coinbase.com\/a-message-from-coinbase-ceo-and-cofounder-brian-armstrong-578d76eedb12\">blog post<\/a> that it plans to cut about 1,100 jobs\u2014approximately 18 percent of its global workforce.<\/p>\n<p>Gemini, another major crypto exchange, is looking to cut current staff numbers by 10 percent.<\/p>\n<p>Going against the trend, crypto exchange Binance announced in a June 3 <a href=\"https:\/\/twitter.com\/BinanceUS\/status\/1532864461069074433\">tweet<\/a> that it is hiring.<\/p>\n<p>CoinGecko co-founder Bobby Ong expressed surprise about the contradictory workforce strategies adopted by the crypto exchanges, in a tweet June 4:<\/p>\n<p>\u201cWe are just a few months into the bear market and exchanges are making people redundant and rescinding offer letters. How badly are you guys managing your finances and headcount? You guys are in one of the most profitable sectors of crypto making billions just last year.\u201d<\/p>\n<div class=\"author_wrapper\">\n<div class=\"one_author_block round\">\n<div class=\"top_row\">\n\t\t\t\t\t<a href=\"https:\/\/www.theepochtimes.com\/author-naveen-athrappully\"><\/a><\/p>\n<p>Follow<\/p>\n<\/div>\n<p>Naveen Athrappully is a news reporter covering business and world events at The Epoch Times.\n<\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Multiple crypto firms have announced plans to cut jobs as the digital currency market continues to decline, with its total value falling below $1 trillion on June 13.BlockFi announced a<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1516185","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1516185","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1516185"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1516185\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1516185"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1516185"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1516185"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}