The laying off and job rescinding situation created within the crypto exchange sector has emerged as a concern among analysts.
The booming and evolving cryptocurrency space attracts a highly-skilled workforce who are willing to play their part in the development of cutting-edge tech space. Many people aspire to enter the blockchain and crypto space through any means where jobs in crypto exchange and derivatives agencies have an important role. However, this seems to shatter given the ongoing wave of companies and exchanges laying off their employees across different job roles.
Many people including analysts and experts consider this to be a Crypto Winter. And for those who still don’t consider this to be the one, here is some data for you that made headlines this past week. The largest Cryptocurrency exchange in the US, Coinbase has stopped its ongoing hiring and revoked its accepted job offers. Another leading crypto exchange Gemini has laid off about 10% of its working staff whereas the largest Mexican Crypto exchange firm Bitso also laid off 10% of its staff. However, the biggest number came from a crypto exchange based in Argentina, Bunebit which laid off about 45% of its staff.
From almost every vision possible, this could be considered bad news for those who are looking to step into the crypto space by joining these companies. On top of that, in this ongoing Crypto winter wave, as experts are calling it, there seem to be no silver linings. Still, there are several reasons that could bring you reasons not to panic in such an environment.
While keeping your view broader and trying to look at the situation patiently, then you might look at the possibilities of bouncing back by crypto space considering that it has done the same even before. Those who are saying this ongoing time period is the end of the crypto space surely had not seen the industry in 2018.
During that time, bitcoin (BTC) fell by about 70% after hitting that time high of $20,000. It was also a similar time when people started losing their hopes in crypto, experts and analysts of the space kept mum while trying to not make any statement about further moments of the crypto space. Still more or less, there was anticipation that crypto could go down but yet the market rebound in the following year after Covid-19 hit in 2020 and 2021 where the cryptocurrency market has seen extraordinary heights thereafter.
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Source: https://www.thecoinrepublic.com/2022/06/05/what-is-creating-the-laying-off-situation-in-crypto-exchanges-across-the-crypto-space/