Bitcoin rally masks bleaker picture in the crypto world: Funding winter, job cuts
On Wednesday, crypto exchange Kraken announced job cuts a person familiar with the matter said amounts to 15% of workers, while rival Coinbase 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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View Details»A look at performance among top cryptocurrencies this year drives home the industry bifurcation. Bitcoin is up some 64% since Jan. 1, and Solana has posted similar gains. Dogecoin,
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