Massive Loss Of Jobs Due To Crypto In San Francisco

The hardest-hit cities, according to a CoinGecko assessment of crypto layoffs worldwide, include San Francisco, Dubai, and New York.

Since November of last year, the crypto market has seen one of its worst bear markets, which has resulted in a rather substantial downturn overall. The majority of significant crypto businesses have reported worker reductions to keep within operational profit margins, which has forced the sector as a whole to tighten its belt.

Research on publicly disclosed layoffs for cryptocurrency enterprises worldwide was conducted by CoinGecko. The research examined information from January 1 through November 1, 2022.

Along with two apiece from Europe, Asia, South America, and Australia, the top 15 cities for layoffs were all in the US.

The study categorized the fired employees according to the city in which they were based. The fact that over half of all people laid off were concentrated in just 3 locations was a startling discovery. These three cities accounted for 49.8% of all layoffs across all the cities in the study: San Francisco, Dubai, and New York.

Only San Francisco accounted for more than a quarter of global layoffs out of the 27 locations with the most crypto employment losses. The city’s portion was 25.7%, or 1142 workers, who were let go.

Although the overall number of employees in the bitcoin business is either not stated or not known, it may be assumed that the 3 to 4 thousand jobs lost do not represent a sizable portion of all those engaged globally in the field.

Finally, it may be claimed that one of the major findings that truly do stand out is the fact that there are just 3 to 4 thousand job losses among the 27 cities examined in the study.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

CoinCu News