Cryptocurrency: The effect of the decline in the crypto market was visible, large scale layoffs started in these companies

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.

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