Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.The digital assets industry got hit with a series of huge layoffs at major crypto-related companies like BitMex, Galaxy Digital and DCG.
In the last 12 hours of news, three large cryptocurrency companies have laid off their staff: Galaxy Digital plans to lay off 20% of its staff; BitMEX plans to lay off 30% of its staff, and DCG has laid off 10% of its staff.For example, Michael Saylor's MicroStrategy reported a 2.1% revenue decrease since 2021, with $125.4 million. Analysts' expectations were at $127.25 million.
Companies cutting their current staff is not something unusual for a bear market. We saw the same tendency back in 2018 and 2019, which is why investors should not consider it a signal about the future of the crypto market, as it is more of a consequence than a cause. Neither of the aforementioned companies commented on this matter, as they will most likely continue their operations by keeping the essential staff.
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