Crypto firms cut jobs despite bitcoin growth
The fall in the value of cryptocurrency since the beginning of January 2023 has been followed by mass layoffs. Cryptocurrency companies continue to tighten their wallets and lay off employees by the dozens and even hundreds at a time.
The largest initiator of layoffs was the well-known cryptocurrency exchange Coinbase, which cut the number of its employees by almost a thousand people. Prime Trust, a crypto-infrastructure provider, reportedly cut its workforce by a third. At the same time, massive layoffs hit not only the crypto industry, but also major companies such as Google, Amazon, Microsoft and Salesforce.
These layoffs occurred even though bitcoin (BTC) performed strongly during the month, targeting nearly $25,000, as institutional demand continued to rise.