Bitcoin’s Boom Not Mirrored in Crypto Hiring Trendsby Fintech News Singapore January 8, 2024
Despite a recent surge in Bitcoin prices, crypto hiring trends indicate that recruitment in the cryptocurrency sector is not increasing at the same pace, according to Bloomberg.
In December, job listings related to cryptocurrencies on LinkedIn saw a 57% drop compared to the previous year. This decline was slightly less severe than November’s 71% year-over-year decrease.
Data compiled by Bloomberg shows that from November to the end of the year, Bitcoin’s value increased by 57%. Despite this, CryptocurrencyJobs.co, a jobs board that charges for listings, reported December as one of its highest revenue months in 2023, as noted by the site’s founder, Daniel Adler.
The cryptocurrency industry faced numerous layoffs throughout 2023 largely due to regulatory pressures and a period of low trading volumes that affected the revenue of crypto exchanges.
Venture capital funding in the sector remained low, leading many startups to either lay off employees or halt additional hiring due to a lack of resources. However, sustained increases in cryptocurrency prices usually lead to more funding for startups and eventually more hiring. Bitcoin’s price had more than doubled last year.
Adler commented that while some teams might be creating new positions, others could be using their remaining hiring budgets to secure future job listings. He observed a growing optimism in the industry and anticipates a clearer picture of hiring trends in the coming weeks.
Currently, Coinbase Global, the largest crypto exchange in the U.S., is advertising over 70 job openings, while Gemini has around 60 positions listed. With the recent rally in cryptocurrency prices, trading volumes – and consequently revenues – for these exchanges have started to recover.
Featured image credit: Edited from Freepik