Bitcoin rally masks bleaker picture emerging in cryptocurrency world
Bitcoin's rally toward another all-time high and renewed ETF inflows, a bleaker picture of crypto is emerging, one where waning interest in once-hot assets prompts some companies to slash jobs.
On Wednesday, crypto exchange Kraken announced job cuts a person familiar with the matter said amounts to 15% of workers, while rival Coinbase Inc. reported earnings that missed estimates. Software developer Consensys is among other digital-asset firms that recently started trimming jobs.
Such cuts fly in the face of Bitcoin's recent strength and industry optimism that Donald Trump, a crypto convert, will soon be in the White House again. At the same time, many blockchains that were touted as Bitcoin alternatives have languished, and fundraising by crypto startups slumped in the third quarter by one estimate.
«It has been a Bitcoin-dominant market this cycle,» said Toby Lewis, co-founder of OrdinalsBot. «The hope of the wider crypto industry is that this will rotate into alternative coins, but this has taken longer than many expected.»
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