Crypto.com Started Layoff and cuts 20% of staff
The layoffs in crypto have been ongoing and now crypto.com has started. The exchange has reduced its manpower by 20% and this is not a good start to the year I believe. These days the price for Bitcoin at altcoin is doing good and we can see more tokens showing green color but seems like exchanges are still struggling because of the bear market. We have seen increased hiring during the Bull run and because of this lot of people have got employment but now because of lay they are losing their jobs.
Money exchanges have cut down their staff in the last couple of months and seem like this trend will continue throughout the year if the market does not recover. I don't think we are going to see the Bitcoin price beyond 30000 US dollars in the first two quarters of this year. A lot of damage has already been done by a couple of incidences and ftx was the biggest one. Crypto is here to stay but recovering from such big incidents will be a time taking process and a lot of people will be affected by this.
Other exchanges like Huobi, and even coinbase have done the manpower reduction so it's not news but whoever is impacted will have to deal with it. Somewhere I feel like crypto it's something that is not for everyone unless they have patience and want to learn more about it. Based on the experience that I have gained in the last 3 years I can say that it is not easy money. I know that some people have got the opportunity to get the money multiplied in the shortest period. The percentage of search people is very low and most of the stories are based on luck I would say instead of the market situation.
People in the cryptocurrency market have been struggling throughout the year 2022 and seems like a similar situation will continue this year as well. Exchanges are having a tough time as they are trading volume has decreased a lot and this is one of the main sources of income for them. If they will not be able to earn enough then it is obvious that they will reduce the manpower to control the expenses so that they can survive this bear market.
It's a market and we do not know how it will be in the next day because things are unpredictable. The current situation is negative for cryptomorphic because of what has happened in the last year and even many things are not doing good. I tried to read news articles every day so that I can keep myself updated. The ftx impact is still there and I expect that it will take time for the industry to recover from this damage in the main time people will see the impact on their lives through such incidents.
It's good that Indian exchanges have not started any layoffs but we cannot say anything about it. I will not be surprised if they also start doing the same after getting to know about international exchanges from various countries. This is going to be a tough year for people working in the crypto market as well as for the people who are holding the crypto with short-term goals.
Thank you so much Stay Safe
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