Is it really a bull market? These Crypto companies fired their employees in a week

Bitcoin (BTC) is trading just a few thousand dollars below its all-time high (ATH) of $73,750, and the global cryptocurrency market value has increased to $2.46 trillion this year, but digital asset companies are still laying off workers.

Just this week, three prominent crypto entities announced significant job cuts, begging the question, is the market really in a bull phase?

Crypto companies reduce the number of heads

On October 29, Switzerland-based decentralized trading platform dYdX revealed that it was letting 35% of its workforce go, citing the need to stick to the company's long-term plans. Antonio Giuliano, CEO and founder of dYdX, realized that the business he built was different than it should have been.

The decision was essential for DIDX to focus on its vision with renewed passion and clarity. Giuliano said the job cuts were not a financial decision.

On the same day, the developer of crypto wallet MetaMask, Consensus, announced that it is laying off about 160 employees, about 20% of its workforce. The firm cited macroeconomic challenges and legal costs from regulatory battles as reasons for reducing headcount.

Notably, the United States Securities and Exchange Commission (SEC) notified Consensys a Wells earlier this year. While the SEC has yet to indict the company, the software developer has filed a lawsuit against the agency and its five commissioners for attempting to regulate the crypto industry through coercive measures.

According to Consensis, the decision to reduce its workforce streamlines operations and positions the company for innovation, long-term sustainability and continued leadership in the crypto space.

Is it really a bull run?

Additionally, Kraken, the world's fifth-largest crypto exchange, revealed in a blog post on October 30 that it is making “organizational changes” to ensure its top contributors are “focused on building rather than managing.” In other words, the exchange is reducing its headcount, although it hasn't said how many employees will be laid off.

In addition to DIDX, Consensus and Kraken, Nova Labs, the developer behind the Helium network, cut its workforce by 36 percent on October 25. go over

This is the same bearish trend the crypto space last saw during the worst of the bear market in 2022 and 2023.