Bitcoin (BTC) is trading several thousand dollars below its all-time high of $73,750, and the global cryptocurrency market capitalization reached $2.46 trillion this year. However, companies involved in digital assets continue to cut staff.

This week, three major crypto companies announced significant layoffs, raising questions about whether the market is truly in a bullish phase? 🤔

dYdX laid off 35% of its staff to focus on long-term plans. Consensys reduced its workforce by 20% due to macroeconomic challenges and legal expenses. Kraken also announced "organizational changes".

So what is happening? Contrary to expectations, the rise in cryptocurrency prices has not halted the wave of layoffs.