Crypto exchanges and cryptocurrency markets were vastly different one year ago when prices were soaring and new all-time highs (ATHs) were often set.
The so-called crypto winter is now in full swing due to adverse macroeconomic developments and high-profile industry bankruptcies, such as Terra and FTX. All indicators point to a change in investor mood, including dwindling trade volumes and Google searches. Crypto exchanges are among those hardest hit by these crippling ‘winter’ chills.
Bybit cracks under pressure
Pink slips have been sent to Bybit’s workforce as the crypto winter shows no signs of ending. Layoffs were carried out by the company in June.
The layoffs are part of Bybit CEO Ben Zhou’s ongoing reorganization, which aims to maintain smooth business operations and safeguard client funds.
Due to Bitcoin’s inability to surpass $18,000, the crypto winter remains in the public eye, which hurts local businesses. Crypto markets have gained only 1.5 percent over the past 24 hours. Nonetheless, the overall picture remains bleak.
Therefore, cryptocurrency miners and exchanges suffered from market volatility. In following the trend of trading platforms that render a significant number of their employees unemployed, Bybit is the latest company to follow this trend.
The decision was essential to survive the crypto winter, according to Zhou, who apologized to anyone who may have been affected.
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Reports by Bloomberg quoted Zhou as saying that the crypto exchange must be nimble enough to take advantage of the opportunities ahead.”
Indicators indicating “we are facing an extremely colder winter” from a market and industry perspective include the continuing decrease in cryptocurrency values as well as the issues faced by businesses like the insolvent crypto lender BlockFi and the struggling crypto brokerage Genesis.
Bybit, which is ranked among the top ten cryptocurrency exchanges by CoinMarketCap and CoinGecko based on volume and trust in the stated volumes, is not the first cryptocurrency exchange to take such extreme precautions.
CryptoCom and Coinbase were among the first to lay off employees, with sources claiming that CryptoCom laid off hundreds. Coinbase, an American multinational, reduced its workforce by 18% in June. CryptoCom and Coinbase were among the first to lay off employees, with sources claiming that CryptoCom laid off hundreds. Coinbase, an American multinational, cut 18% of its workforce in June.