With bitcoin solidly below $20,000, it is obvious that the bear market is still in the news, harming local businesses.
The hardest-hit groups are miners and exchanges. Bybit is the most recent trading platform to follow this trend of terminating employees.
Bybit to Lay Off 30% of Staff The general cryptocurrency market has changed drastically from a year ago, when prices were soaring and new all-time highs (ATHs) were being charted routinely. However, the so-called crypto winter is now in full swing as a result of unfavorable macroeconomic developments and many notable industry-related failures, like Terra and FTX.
The general investor mood has drastically altered, as evidenced by the sharp decline in trading volumes, Google searches, etc., which was somewhat predicted.
Cryptocurrency exchanges are among those who are most affected. Bybit has jumped on board after its CEO Ben Zhou told Bloomberg that the company intends to reduce its personnel by 30%.
Reductions will be made everywhere as part of a “ongoing reorganization aimed at refocusing efforts,” according to this. Zhou vowed that corporate activities would continue in a secure environment and attributed the cutoffs to the ongoing bear market.
The recent issues with BlockFi, which filed for bankruptcy, and Genesis, which is rumored to be on the verge of doing the same, in his opinion, are signs that “inform us that we are moving into an even colder winter than we had anticipated from both industry and market perspectives.”
“It’s critical to make sure Bybit is well-equipped to negotiate the market slowdown and is agile enough to capture the numerous opportunities ahead. Tough choices are necessary in trying times. he continued.
Not The Only
Bybit is not the first cryptocurrency exchange to implement such extreme steps. Among the first were CryptoCom and Coinbase; according to reports, the former cut the number of employees by several hundred. On the other side, the US behemoth reduced its personnel by 18% in June.
The Winklevoss-led Gemini, BlockchainCom, Huobi, and other businesses have all done likewise. Kraken has added their name to the list by letting go of 30% of its workforce.