Crypto Firms Cutting Jobs as Market Declines Below $1 Trillion

The logo for Coinbase Global Inc, the biggest U.S. cryptocurrency exchange, is displayed on the Nasdaq MarketSite jumbotron and others at Times Square in New York, on April 14, 2021. Shannon Stapleton/Reuters

Multiple crypto firms have announced plans to cut jobs as the digital currency market continues to decline, with its total value falling below $1 trillion on June 13.

BlockFi announced a reduction in its headcount by around 20 percent. CEO Zack Prince said in a June 13 tweet, “This is not a decision we take lightly.”