Crypto meltdown continues to make heads turn after enjoying years of glory and adulation. One of the most bankable assets in the modern economy is witnessing a fall, steep one at that! According to latest reports, crypto companies are cutting down anywhere between 10 percent t0 30 percent of their existing staff. If this crypto meltdown continues, it would cost the global tech industry trillions of dollars in annual revenue loss. But, biggest question is –“would crypto workers go out of job if the avalanche continues into 2023?”
How bad is the crypto meltdown in 2022?
Crypto meltdown is at a vortex where analysts are forecasting tough months lie ahead of us. The global job market for the cryptocurrencies is under serious pressure. The fall in values of major cryptocurrencies has shaved a major chunk off Fintech’s most promising segments. The post COVID period has proved to be the worst for cryptocurrencies where they collectively lost $1.9 trillion in 2022. Bitcoin’s value (BTC) fell by 58 percent in Q2 of 2022– its worst in over a decade. Other prominent cryptocurrencies like Ethereum, Binance, Cardano and Tether are also slumping to record lows in 2022. This slump has resulted in a domino effect that seems to influence the global fintech market for crypto wallets, digital asset exchanges and above all, the blockchain talent acquisition and hiring businesses. In 2022, around 5000 crypto-centric professionals lost their job. And, if the trend continues, there could be more cut downs in the coming weeks to adjust operating costs and ROI.
June 2022 was the worst month for the crypto job market. Around 3100 jobs were lost from crypto markets.
Large players such as Coinbase, Crypto.com, Bybit, Bitpanda, Huobi Global, Blockchain.com and Ignite contributed the most to the job losses in 2022, accounting for more than 50% of the total job losses in the industry. Despite the popularity of bitcoins and other cryptocurrencies, nobody is sure where the industry will lead to in the coming months, and with job losses reported from all parts of the world, the “crypto winter” might be far from over in 2022. In fact, the talent loss from crypto could well be adjusted into other technology domains, particularly in fintech where smart banking and B2B payments transactions systems require blockchain professionals an cybersecurity analysts to lead massive projects.
According to most business leaders representing the crypto industry feel the job losses were simply a conjecture of sorts where startups are transitioning to adopt B2B models amid the crypto winter period. While they hope that crypto prices will rise, there is no way that the job losses be salvaged. Some roles in crypto market will be redundant in some months as visible already from the cuts happening in over-sized organizations.
Here are the top crypto-based roles with the highest number of online job advertisements:
- Crypto Full Stack Developer
- Crypto Growth Manager
- Crypto Investments Analyst
- Smart Contracts Engineer
- Blockchain Developer
- Token Crypto Manager
- Crypto Content Manager
- AI Crypto Engineer
Strictly noting what is happening to cryptocurrencies now, it would be hard to stop the crypto meltdown from reaching a “point of no return” if talent jump the ship right now leaving no option for companies but to shut shop. Other industries can definitely benefit by hiring the talent that comes out of this crypto meltdown as part of the global tech churn in 2022.
So, tell us what kind of talent hiring are you strategizing in 2022?