The total money being invested in the crypto market has reached a 32-month low in the month of May.
According to data from The Block, cryptocurrency monthly exchange volume, which calculates spot market volume across all crypto exchanges, was $439.42 billion in May, down more than 27 per cent from $604.88 billion in April, reports TechCrunch.
The data also revealed that last month’s volume was the lowest level since October 2020 at $222.7 billion
Binance, the largest cryptocurrency exchange, saw about $218 billion in monthly exchange volume during May, dropping about 26 per cent from $293.83 billion in the previous month.
The exchange disclosed that it is reevaluating its workforce headcount ahead of future market cycles, possibly as a result of the bear market and decreased demand, according to the report.
“Over the past six years, the exchange grew from 30 employees to a team of almost 8,000 employees across the globe,” a Binance spokesperson was quoted as saying.
“As we prepare for the next major bull cycle, it has become clear that we need to focus on talent density across the organization to ensure we remain nimble and dynamic,” it added.
The reevaluation will also include “looking at certain products and business units to ensure our resources are allocated properly to reflect the evolving demands of users and regulators”.
This statement comes after Chinese reporter Colin Wu tweeted on Wednesday that multiple sources confirmed that Binance has begun layoffs. While the exact figure is “uncertain,” the exchange may have laid off up to 20 per cent of its approximately 8,000 employees.
Binance’s chief communications officer, Patrick Hillmann, also disputed the claim in his own tweet thread, claiming that the company is not laying off 20 per cent of its employees “as a cost-cutting measure”.
Hillmann said in another tweet that the number of employees laid off could be “a much smaller figure”.
“We won’t know until our teams conduct the talent density audit.”
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