U.S.-based crypto exchange Bittrex has become the latest digital asset firm to join the ranks of those having to let go of employees.
Bittrex Is Forced to Part with Employees
Not long ago, the popular trading outlet announced that it would be laying off approximately 83 separate individuals. Right now, the company employs about 284 people, meaning the company is slated to lose just shy of one-third of its overall employment staff.
Bittrex is not letting its employees just walk away empty handed. A spokesperson for the company announced that while the layoffs are slated to be felt across “most departments,” those being released from employment will receive as many as 60 days additional pay as well as other severance options.
Over the past several months, many crypto companies have been forced to part with large portions of their staff as a means of contending with the bearish sentiment that continues to surround the digital asset space. For example, Gemini – the popular crypto exchange based in New York and headed by the Winklevoss Twins of “The Social Network” fame – has now engaged in two separate rounds of layoffs, the first occurring in the summer of 2022 and the latest happening just a few weeks ago.
The company initially took flak for its first round given that the firm had not ended its remote work conditions due to COVID. Thus, many employees set to be let go would be told of their fates via Zoom calls rather than in-person.
Coinbase – the largest digital exchange in the United States – was also forced to let go of roughly 18 percent of its staff in the middle of last year. Its story is particularly rough given the company had announced plans to make 2022 the year in which it increased its staff by up to three times its then size. However, when things first started getting bad, the company had to implement a hiring freeze, and when they got even worse from there, the company was forced to release several people.
The situation escalated again when the company released another 1,000 staff members in January. Other companies that have had to part ways with various employees include Huobi Global.
So Many Layoffs!
2022 easily brought about the most bearish conditions for crypto. The industry lost more than $2 trillion in valuation, and a lot of it had to do with the poor state of bitcoin, the world’s number one digital currency by market cap. The asset lost more than 70 percent of its value, dropping from its November 2021 all-time high of nearly $69,000 per unit to about $16,600 by the time 2022 ended.
Bittrex is based in Seattle, Washington. It presently enjoys a $19 million daily trading volume and is ranked as the 32nd largest digital currency exchange.
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