Crypto Firms Lay off Employees Despite Market Growth
Multiple cryptocurrency companies have recently announced job cuts, despite the global market cap increasing to $2.46 trillion this year. This week, dYdX, Consensys, and Kraken all reduced their workforce, raising questions about whether the market is truly in a bull phase.
Reasons for the layoffs include focusing on long-term plans, macroeconomic challenges, and legal costs from regulatory battles. The layoffs are reminiscent of the bear markets in 2022 and 2023, and despite rising crypto prices, they continue to persist.
