Bitcoin’s nosedive spurs layoffs

By John Mac, December 12, 2018

This has been a season at the realm of crypto currencies. Bitcoin – that the most important driver in the distance – has lost almost half its value throughout the previous month and now can be down more than 80% of its December 2017 high, spurring other crypto currencies to fall drastically, and forcing startups to trim their staffs in an effort to survive its main sell off thus far.
Last week, two firms that were block chain declared plans to lower staff and their overall business units. ConsenSys, a brand-new York-based blockchain venture agency said it will cut 13% of its staff, while Virginia-based Steemit a blockcahin social network firm said it intends to layoffs 70% of its staff, mentioning the crypto sell-off as the reason.

Moreover, as shown by a Wall Street Journal report, lots of smaller firms who increased money to nearly $20,000, have additionally paid off staff or closed fully.
FOX Company reported that one reason for Bit-coin’s autumn this year is due to a report that the office of Justice is investigating if its epic poem rally had been fueled, in part, by exploitation.
While national prosecutors opened a criminal probe into crypto currencies weeks past, based on Bloomberg Opens a fresh Window., suspicions are uncertain about whether Tether – another digital token – and crypto exchange Bitfinex might possibly have already been utilized by dealers to move prices increased.
Neither company reacted to FOX Business’ request. But at yesteryear, J.L. van der Velde, the chief executive officer of Tether and Bitfinex, has denied these claims.

Overall, cryptocurrencies’ entire market price has dropped 87% from its early January high of $827 billion and about 86% of all coin offerings from 2017 are dealing below their listing selling price, in accordance with accounting firm Ernst & Young. More over, job seekers appear to be losing interest within the specialty.

According to the Journal, the range of hunts on for tasks related to blockchain or crypto currency dropped 3 per cent in the previous 12 weeks through October. There was a 482 percentage increase. However, the quantity of employers listing blockchain-related tasks is climbing, but in a considerably lesser rate.