Cryptocurrency: The impact of the fall in the crypto market was visible, large layoffs started in these companies

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The recent weakness in cryptocurrencies in global markets is now also affecting corporate wages. While investors have suffered due to the fall in digital currency, on the other hand, a period of layoffs in companies related to crypto business has also started. BlockFi, the cryptocurrency blockchain trading and lending platform, said in a social media post on Monday that the company has decided to lay off 20 percent of its total 850 employees, according to media reports. Due to this decision by the company, about 200 people may lose their jobs.

BlockFi CEO Jack Prince has said in a post on Twitter that his employees will be fired from the company. Let us tell you that after seeing a huge rally in the cryptocurrency market last November, the bearish period started. The condition of the market now is that even the most popular currency like bitcoin has gone below $20,000. Other cryptocurrencies have also seen a steady decline.

Experts associated with the crypto market believe that due to the decline of cryptocurrencies in the market in the past few years, the condition of companies related to these sectors has worsened. In particular, the condition of companies related to their trading business is bad. Most of the companies go through a period of heavy losses, in such a situation they have to take the decision to reduce the workforce even without wanting to.

Let us tell you that apart from BlockFi, employees of other companies are also facing the threat of layoffs. On Friday, a company called Crypto.com also laid off 260 of its employees. According to reports, Crypto.com has laid off 5 percent of its employees. The company’s CEO Chris Marslake has also confirmed this.

What is the reason for the decline in NFTs?

In the year 2020, when the entire world came under the grip of the Corona epidemic, the cryptocurrency market started to show a boom around the same time. Companies working in the field of crypto constantly increased their employees. However, as soon as the prices of digital currencies started to fall in the market, companies have started laying off employees to reduce their expenses.

The condition of the companies became so bad that instead of adopting the standard procedure for layoffs, many companies have posted information about the layoff of their employees on social media themselves. Companies like BlockFi and Crypto.com have done the same.

Experts believe that inflation in America has even passed the last 40-year level. Strong companies like Netflix, Tesla and Meta have also laid off employees due to inflation. Companies related to the crypto business are also coming under its grip and have joined the race to lay off workers.

Expansion

The recent weakness in cryptocurrencies in global markets is now also affecting corporate wages. While investors have suffered due to the fall in digital currency, on the other hand, a period of layoffs in companies related to crypto business has also started. Blockchain trading and cryptocurrency lending platform BlockFi said in a social media post on Monday that the company has decided to lay off 20 percent of its total 850 employees, according to media reports. Due to this decision by the company, about 200 people may lose their jobs.

BlockFi CEO Jack Prince has said in a post on Twitter that his employees will be fired from the company. Let us tell you that after seeing a huge rally in the cryptocurrency market last November, the bearish period started. The condition of the market now is that even the most popular currency like bitcoin has gone below $20,000. Other cryptocurrencies have also seen a steady decline.

Experts associated with the crypto market believe that due to the decline of cryptocurrencies in the market in the past few years, the condition of companies related to these sectors has worsened. In particular, the condition of companies related to their trading business is bad. Most of the companies go through a period of heavy losses, in such a situation they have to take the decision to reduce the workforce even without wanting to.

Let us tell you that apart from BlockFi, employees of other companies are also facing the threat of layoffs. On Friday, a company called Crypto.com also laid off 260 of its employees. According to reports, Crypto.com has laid off 5 percent of its employees. The company’s CEO Chris Marslake has also confirmed this.

What is the reason for the decline in NFTs?

In the year 2020, when the entire world came under the grip of the Corona epidemic, the cryptocurrency market started to show a boom around the same time. Companies working in the field of crypto constantly increased their employees. However, as soon as the prices of digital currencies started to fall in the market, companies have started laying off employees to reduce their expenses.

The condition of the companies became so bad that instead of adopting the standard procedure for layoffs, many companies have posted information about the layoff of their employees on social media themselves. Companies like BlockFi and Crypto.com have done the same.

Experts believe that inflation in America has even passed the last 40-year level. Strong companies like Netflix, Tesla and Meta have also laid off employees due to inflation. Companies related to the crypto business are also coming under its grip and have joined the race to lay off workers.



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