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The prices of cryptocurrencies and the interest in encrypted jobs are highly correlated.
This is the take-away of data provided to CNBC by AngelList Talent, a recruitment company that focuses on startups.
The data show that while cryptocurrency prices rose last year, the number of job openings linked to the crypt also increased. But this year the prices of cryptocurrencies have declined, the number of new job openings related to the crypt is steadily declining.
On the AngelList platform, the blockchain industry attracted 40% of the best job seekers last year before starting to go down this year in March. At the moment, only about 20% of the main job seekers listed the blockchain sector among the first three industries they would be most interested in joining.
Blood everywhere
The Jobs website also observed a similar trend with a decline in both the interests of job seekers and the interests of employers in cryptocurrency, while blockchain work was detected when cryptocurrency prices declined. According to Indeed, the interest for job seekers in encrypted positions was the highest between October 2016 and October 2017:
If you look at the data for the previous year, from October 2016 to October 2017, the interest for job applicants for roles related to bitcoin, blockchain and cryptocurrency increased by 481.61%, while the interest of employers for roles related to the same terms increased by 325%.
This is in sharp contrast to the employers' interest in the roles related to encryption, which increased only by 25.49% between October 2017 and October 2018. In the same period, the interest for those seeking work decreased by 3.06%.
Blockchain job offers and applicants decline with cryptographic market capitalization https://t.co/9kL66UK7oP
– CCN (@CryptoCoinsNews) November 20, 2018
In addition to the decline in interest for encrypted jobs by both job seekers and employers, some blockchain startups have also started to lay off employees. Earlier this month, the blockchain development company initiated by Ethereum co-founder Joseph Lubin, ConsenSys, announced that it would undertake a restructuring exercise that would result in the 13% dismissal of the workforce.
This was revealed in a letter sent by Lubin to employees in which he dubbed the company that would exit the "ConsenSys 2.0" restructuring:
As enthusiastic as we at ConsenSys 2.0, our first step in this direction has been difficult: we are rationalizing different parts of the business including ConsenSys Solutions, spokes and hub services, leading to a 13% reduction in the mesh members.
Steemit layoffs
The situation is worse in the decentralized social media society Steemit, where plans are being made to lay off 70% of the workforce. The startup cited "the weakness of the cryptocurrency market, the fiat returns on the automatic sale of STEEM in decrease and the rising costs of management of the complete Steem nodes" as the reason for the layoffs.
However, it is not all sad and gloomy as the largest professional networking site in the world. LinkedIn has recently revealed that the development of blockchain has emerged as the biggest growing role of this year.
Images from Shutterstock.
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