Is It Really a Bull Market? These Crypto Companies Laid Off Employees In a Week

Bitcoin (BTC) is trading a few thousand dollars underneath its all-time high (ATH) of $73,750, and the global cryptocurrency market cap has increased to $2.46 trillion this year, but digital asset companies are unexcited laying off their workers.

This week alone, three grand crypto entities have announced significant job cuts, raising the attach a question to, is the market indeed in a bull phase?

Business Crypto Companies Slit Headcount

On October 29, the Swiss-based decentralized trading platform dYdX revealed that it was letting 35% of its staff creep, citing the wish to stick with the company’s lengthy-term plans. dYdX’s CEO and founder, Antonio Juliano, said the agency realized the trade it had built was diverse from the one it may unexcited be.

The resolution was necessary for dYdX to focal point on its vision with renewed passion and clarity. Juliano asserted that the job in the discount of was no longer a financial resolution.

On the same day, the crypto wallet MetaMask developer Consensys announced that it was laying off around 160 workers, accounting for 20% of its staff. The agency cited macroeconomic challenges and legal charges from regulatory battles as reasons for decreasing its headcount.

Notably, the United States Securities and Exchange Rate (SEC) served Consensys a Wells Scrutinize earlier this year. Whereas the SEC is but to sue the company, the software developer brought charges against the agency and its 5 commissioners, alleging an attempt to govern the crypto trade via enforcement actions.

According to Consensys, the resolution to slash its staff would streamline its operations and pickle the company for innovation, lengthy-term sustainability, and persisted leadership in the crypto space.

Business Is It Actually a Bull Race?

Furthermore, the sector’s fifth-largest crypto exchange, Kraken, revealed a weblog post on October 30 stating that it was making “organizational changes” to make clear that its top contributors are “fervent about constructing rather than managing.” In diverse words, the exchange is decreasing its headcount, although it did not specify how many workers may well be let creep.

Apart from dYdX, Consensys, and Kraken, Nova Labs, the developer plain the Helium Network, slashed its staff by 36% on October 25. Matter Labs, the company plain ZKsync, took a similar step in early September, letting 16% of its workers creep.

The last time the crypto space witnessed a similar flurry of layoffs was all by means of the worst of the bear market in 2022 and 2023. Rising crypto prices were anticipated to ease the layoffs, but the reverse appears to be the case.