Crypto’s Nasty Downturn Is Getting Worse
Market sell-off is putting some companies in survival mode, others are making layoffs.
The relentless decline in the crypto market is about to hit the six-month mark with no end in sight, prompting companies to cut staff and pivot to businesses such as stock trading and prediction markets.
Bitcoin has lost half of its value since peaking early last October at $126,080, with other crypto assets down far more. Monthly trading volume for crypto is on track to be the lowest since January 2024, and less than a third of the level it hit just after the presidential election, according to CoinGecko. Fundraising by crypto startups fell to about $2.9 billion in the first quarter, down 69% from the prior quarter, according to crypto advisory firm Architect Partners.