Unlike Binance and Ripple who are still hiring workers despite the recent crypto crash BlockFi laid off 20% of its workers
The current status of the digital market appears to be wreaking havoc on the economies of several crypto exchanges. BlockFi, Crypto.Com, and Gemini are just a few examples of bitcoin lending and exchange platforms.
20% BlockFi Workers To Be Layoff
According to a blog post by BlockFi’s co-founders Flori Marquez and Zac Prince, about 20% of the company’s 850+ employees will be laid off. This is, however, related to the current status of the cryptocurrency market.
BlockFi had had some difficult days in the past. Its current state, though, is a little more difficult. This situation arose as a result of a significant shift in global macroeconomic conditions.
BlockFi has to reduce its staffing capacity in this regard. While waiting for an impending global recession, the step is designed to prepare the way for better spending control.
The organization’s management structure has improved, with personnel capacity increasing from 150 to over 850. However, due to the present difficulties in the bitcoin market, BlockFi has decided to downsize its workforce. This major macroeconomic downturn, according to the post, occurred in the first quarter of 2022.
Despite the onset of the so-called crypto winter, Coinscreed reported that Binance and Ripple look to be bullish about the future, declaring that they will continue to hire. This comes despite the fact that several other crypto exchanges such as Coinbase and Crypto.com have announced layoffs.
Justin Bennett’s Crypto Market Pullback Theory
Justin Bennett, a well-known cryptocurrency analyst, predicts that the crypto market will continue to decline. According to his speech, the total worth of these digital assets could fall below a trillion dollars.
He went on to say that the total chart, which tracks all cryptocurrency market capitalization, is trending in a bearish direction. Bennett also stated that the $1 trillion price threshold serves as a strong level of support for the cryptocurrency markets as a whole.
If Bennett’s theory is true, the majority of altcoins will bear the brunt of this market action.