Blockchain technology: as the price of cryptocurrencies collapses, the interest in blockchain works falls significantly

December 20, 2018 Blockchain

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The price of cryptocurrencies has decreased since the beginning of the year. Regardless of how things have gone wrong, most enthusiasts hope that December is the inversion month that will mark the beginning of a long-term uptrend that will extend until next year. However, there is still a strong rally in the market. The thing on the bear market is that it has not only influenced the price of cryptocurrencies. He has also influenced many cryptocurrency startups and reduced job opportunities for blockchain and cryptocurrency experts.

Work price decline Blockchain with the price

Because of the tragedy that has hit the cryptocurrency market, many start-ups have been forced to dismiss their staff or to fold completely. Steemit has recently fired up to 70% of its workforce due to lack of funds. This shows that there is indeed a relationship between the price of cryptocurrencies and job opportunities in the blockchain sector. This is in line with the data provided by a recruitment company that focuses on startups, AngelList Talent.

The AngelList Talent data show that when the price of cryptocurrencies increased last year, the number of job opportunities related to cryptocurrency also increased significantly. This is why the industry has registered the highest level of recruitment. However, when the price of cryptocurrencies has started to fall, there is also interest in the blockchain and cryptocurrency processes.

Before the price of cryptocurrencies drastically decreased in March, the blockchain space represented 40% of the interests of job seekers. Currently, only 20% of job seekers have shown interest in the industry by listing blockchain companies as one of their three major industries of interest.
There are so many credible work websites available for job seekers. These websites have seen a decline in the interest of employers and job seekers in the blockchain space as bears continue to govern the market. In fact, the popular website for job seekers stated that there was great interest in the jobs encrypted between October 2016 and 2017. If you compare the interest rate in blockchain jobs from October 2016 to October 2016- 2017, we will find out that there was an increase of 481.61% in the interest of job seekers while there was a 325% increase in the number of employers' interests in the sector.

Bitcoin (BTC) Price today – BTC / USD

Between October 2017 and 2018, however, there was a 25.49% increase in the interest of cryptocurrency roles. In the meantime, the interest for job seekers in the sector has decreased by 3.06%.

Start-ups lay off workers when the cryptocurrency market capitalization decreases

In addition to the decline in interest in the sector, cryptocurrency startups have also suffered. As stated earlier, Steemit, the blockchain-based content creation platform had to abandon 70% of its staff. This is not the only company that feels hot. ConsenSys, the startup blockchain founded by Joseph Lubin of Ethereum, had to leave 13% of its workforce during a restructuring exercise. The team behind Ethereum Classic also announced that it would be discontinued due to lack of funds.

While Steemit and ETCDEV clearly stated that the reason for cutting the labor force was the cryptocurrency market, Lubin said his startup was letting go of 13% of its workforce in an attempt to simplify many parts of the business.

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