With Bitcoin price firmly below $20,000, it is clear that the bear market is still in the limelight, hurting local businesses.
Miners and stock exchanges were the hardest hit. Among the many trading platforms laying off employees, Bybit is the latest to join the trend.
Bybit to cut 30% of staff
The overall cryptocurrency landscape is noticeably different than it was a year ago when prices shot up, and there was a frequent cryptocurrency chart. Now, however, the so-called crypto winter is in full effect, following negative macroeconomic events as well as several notable industry related crashes, such as Terra and FTX.
Somewhat predictably, the general investor sentiment has completely changed, as evidenced by lower volumes, Google searches, etc.
Cryptocurrency exchanges are among those suffering the most. Bybit has joined the bandwagon as its CEO, Ben Zhou, confirmed to Bloomberg that the company plans to lay off 30% of its workforce.
This comes amid “ongoing realignments aimed at refocusing efforts, and reductions will occur across the board.” Chu promised that business operations would remain safe while blaming the restrictions on the ongoing bear market.
He believes the recent troubles surrounding BlockFi, which has filed for bankruptcy, and Genesis, which is also said to be close to that move, are signs that “tell us that we’re in for a colder winter than we anticipated in both a real-world and market perspective.”
“It is important to ensure that Bybit has the right structure and resources to weather the downturn in the market and is alert enough to take advantage of the many opportunities that lie ahead. Tough times call for tough decisions.” – he added.
Not the first
Bybit is far from the first crypto exchange to take such drastic measures. CryptoCom and Coinbase were among the first, with reports claiming that the former cut its workforce by several hundred people. On the other hand, the US giant cut 18% of its workforce in June.
Other companies that followed include Winklevoss spearheading Gemini, BlockchainCom, Huobi, and so on. Kraken also recently joined the list, firing 30% of its employees.
Bybit’s post to lay off 30% of workforce amid Cold Winter cryptocurrency appeared first on CryptoPotato.