• Bittrex, a Seattle-based cryptocurrency exchange, is laying off more than 80 employees due to the “new economic environment”.
• Many other exchanges have announced layoffs due to sharp declines in cryptocurrency prices and the collapse of prominent crypto firms.
• CoinDesk estimates that over 29,000 jobs have been lost across the crypto industry since April.
Bittrex Laying Off More Than 80 People
Bittrex, a Seattle-based cryptocurrency exchange, has confirmed that it is reducing its staff by more than 80 people due to the “new economic environment”. CEO Richie Lai cited market conditions as the primary reason for the cuts and said that they had been working aggressively to reduce expenses and increase efficiencies but were not successful.
Crypto Market Collapse
The downturn in the crypto market triggered by multiple failures in the crypto ecosystem became an outright collapse by the end of 2020. These events have caused Bittrex to reset their strategy and balance their investments with the new economic environment they find themselves in. The reductions affected most departments across Bittrex.
Layoffs Across Crypto Industry
Bittrex is one of many crypto exchanges that announced layoffs in response to declining prices and failing firms. Gemini announced a third round of layoffs in January while Coinbase said it would cut 20% of its workforce. According to CoinDesk estimates, over 29,000 jobs have been lost across the crypto industry since April.
Future For Crypto Market?
It remains unclear when or if these markets will recover from this downturn or what effects these losses will have on businesses in this space going forward. Despite these challenges, many companies remain hopeful about their future prospects despite current market conditions.
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