The recent weakness in cryptocurrencies in global markets is now affecting the payrolls of companies as well. While investors have suffered due to the decline in digital currency, on the other hand, a round of layoffs has also started in companies related to the business of crypto. BlockFi, a blockchain trading, and lending cryptocurrency platform said in a post on social media 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 of the company, about 200 people can 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 tremendous boom in the cryptocurrency market in November last year, the period of decline started. Now the condition of the market is that even the most popular currency like bitcoin has broken below $ 20000. Other cryptocurrencies have also seen a steady decline.
Experts associated with the crypto market believe that due to the decline in cryptocurrencies in the market in the past few years, the condition of the companies related to these sectors has worsened. Especially the condition of companies related to its trading business is bad. Most companies are passing through a period of huge losses, in such a situation they have to decide to reduce the manpower even without wanting.
Let us tell you that apart from BlockFi, employees of other companies are also facing the threat of layoffs. On Friday, a company named Crypto.com also fired 260 of its employees. According to reports, Crypto.com has fired 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 whole world was coming under the grip of the Corona epidemic, around the same time the cryptocurrency market started showing a boom. Companies working in the field of crypto were constantly increasing their employees. But, as soon as the prices of digital currencies started falling in the market, companies started laying off employees to reduce their expenses.
The condition of the companies became so bad that instead of adopting the standard procedure for retrenchment, many companies have issued information about the eviction of their workers on social media itself. Companies like BlockFi and Crypto.com have done the same.
Experts believe that inflation in America has even crossed its last 40-year level. Strong companies like Netflix, Tesla, and Meta have also laid off employees due to inflation. Companies related to the business of crypto are also coming under its grip and they have joined the race to fire workers.
Ramadan 2023: Exhibition of rare manuscripts of handwritten Quran started at Srinagar SPS Museum
The Shri Pratap Singh Museum in Srinagar on Thursday launched an exhibition of rare manuscripts of the Quran. Some of the manuscripts on display belong to the 18th century. It is just a coincidence
Karan Johar lashes out at paparazzi over Dharmendra's case, saying, "Leave the family alone."
Karan Johar shared a post on his Instagram story, slamming the paparazzi. The filmmaker wrote a lengthy post about the incident involving actor Dharmendra. Dharmendra recently suffered a health scare
Jagadguru Paramhans arrived to purify Lucknow's Lulu Mall, dispute with police over stopping
The controversy that started after offering Namaz in Lucknow's Lulu Mall is not taking its name to stop. Jagadguru Paramhans arrived on Tuesday for the purification of the mall. During this, there was
WPL 2024 Points Table: Delhi Capitals have settled their score by defeating Mumbai, this is the latest status of the points table
Meg Lanning-led Delhi Capitals defeated Mumbai Indians in the 12th match of the Women's Premier League 2024 to register their fourth win of the tournament. With this victory, Delhi Capitals is in the
Delhi Firecracker Fine: Buying and burning firecrackers in Delhi can be fined up to Rs 200 and imprisoned for six months- Gopal Rai
Delhi Firecrackers Fine: Arvind Kejriwal's government is alert because of air pollution in Delhi. Now the Delhi government has informed about a new rule regarding the burning and buying of
Bharat Ratna: Five personalities including Narasimha Rao-Chaudhary Charan Singh received Bharat Ratna, honored by the President
President Draupadi Murmu today honored five personalities selected by the Government of India with Bharat Ratna at Rashtrapati Bhavan. Prime Minister Narendra Modi, Union Home Minister Amit Shah, BJP
The world's population will reach 8 billion next week, how are the alarm bells going to ring for India?
There is going to be a big change in the world population next week. According to the United Nations, the world population is going to reach eight billion next week. The United Nations Department of
China in support of anti-India Pak terrorists: Saved by vetoing for the second time in two days
For the second time in two days, China has saved a Pakistani terrorist from being declared a Global Terrorist by the United Nations Security Council (UNSC). China first used veto power to save Lashkar
Coronavirus Death: The death toll is increasing in China, the number of dead bodies reached between 400 and 500 days in Shanghai
Corona has created a ruckus in China. The increasing cases of coronavirus have increased the concern of countries around the world. The situation is getting worse and the kind of pictures that are
Protest against hit and run law: Strike of transporters and private bus operators continues, transport system deteriorated
The strike of transporters and private bus operators continued for the second day on Tuesday in protest against the new hit-and-run law. On the second day of the strike called by the transporters,
