Major Crypto Exchanges Slash Jobs As Bitcoin Plummets to Two-Year Lows
Plunging cryptocurrency values have forced major digital exchanges like Coinbase to lay off significant numbers of employees. The broader crypto market loses nearly $2 trillion in value as Bitcoin and Ethereum hit their lowest points since 2020.
The ongoing downward slide of the cryptocurrency market forces major digital currency exchanges to lay off significant numbers of employees. This massive sell-off erases nearly $2 trillion in total market value and pushes skittish investors into full retreat mode as the industry enters a turbulent period.
Bitcoin and Ethereum, the two most heavily traded digital tokens, hover near their lowest values in two years despite showing modest recent gains. Bitcoin drops almost 30% in a single week to trade around $22,172, representing a massive fall from its November peak of roughly $68,000, while Ethereum plunges 34% to sit just over $1,217.
San Francisco-based Coinbase, one of the busiest U.S. crypto exchanges, shifts from a short-term hiring freeze to drastic workforce reductions as it prepares for a protracted market lull. The company, which once boasted a public valuation of around $100 billion, now holds a market capitalization of just over $12 billion as its stock continues to plummet alongside digital token prices.