To put things into perspective, since November 2021, the total market capitalization of the digital asset industry hasfrom it’s all-time high of $3 trillion to its current levels of approx. $1.27 trillion, thus showcasing a loss ratio of over 55%.
While this massive monetary downturn can be attributed to a range of factors, including the ongoing Russia-Ukraine war, rising inflation figures and worsening macroeconomic conditions have had a majorFor example, earlier this month, Gemini, a cryptocurrency exchange helmed by the Winklevoss twins,that the bear market had forced them to lay off nearly 10% of its employees.
“This is where we are now, in the contraction phase that is settling into a period of stasis — what our industry refers to as ‘crypto winter.’ [...] This has all been further compounded by the current macroeconomic and geopolitical turmoil. We are not alone.”In addition to Gemini, a number of other big-name firms have had to make serious cutbacks in recent months.
The firm’s staff overhaul is not only a means of tightening its purse strings but also as a way of restructuring Bitso’s day-to-day activities. That said, a representative for the exchange recently revealed that they still have few vacancies across niche strategic domains such as accounting, tax, fraud detection and others.
Buenbit, one of Argentina’s leading cryptocurrency investment platforms, had to take more drastic measures to put a stop to its financial bleeding. During the last week of May, the company laid off approximately 45% of its workforce, shrinking its active employee pool from about 180 to just 100 workers.2TM, the parent company behind Mercado Bitcoin, also revealed that it was going to be laying off 12% of its 750-strong team as a result of “changes in the global financial landscape.
no inflation hedge anymore, scam words
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