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

This week, three major crypto companies announced significant layoffs. Is the market really bullish? 🐂

Switzerland-based dYdX announced that it will cut 35% of its workforce. CEO Antonio Juliano said the decision was not financial, but was made to focus on the company’s long-term plans.

On the same day, MetaMask developer Consensys announced that it will lay off 20% of its staff due to macroeconomic challenges and legal costs. Consensys said the decision was made to simplify its operations and to innovate and sustainably.

Kraken said it will reduce its workforce so that its top contributors can focus on “building instead of managing.” However, it did not specify how many people will be laid off.

Nova Labs and Matter Labs have also taken similar steps. While it was expected that the rise in crypto prices would reduce layoffs, the opposite appears to be the case. 🤔