As Cryptocurrency Price Crash, Interest In Blockchain Jobs Falls Significantly

The price of cryptocurrencies have been sinking since the beginning of the year. Irrespective of how bad things got, most enthusiasts hoped that December would be the turnaround month that will mark the beginning of a long-term bullish rally that will extend to next year. However, there is yet to be a strong rally in the market. The thing about the bearish market is that it hasn’t just affected the price of cryptocurrencies. If has also affected many cryptocurrency related startups and reduced the job opportunities for blockchain and cryptocurrency experts.

Blockchain Job Interest Decline With Price

Because of the tragedy that has befallen the cryptocurrency market, many startups have been forced to either lay off their staff or fold up completely. Steemit recently laid off up to 70% of its workforce because of lack of funds. This proves that there is indeed a relationship between the price of cryptocurrencies and job opportunities in the blockchain industry. This is in line with the data provided by a recruitment firm that focuses on startups, AngelList Talent.

The data from AngelList Talent shows that when the price of cryptocurrencies surged last year, the number of cryptocurrency related job opportunities increased significantly as well. This is why the industry recorded the highest level of recruitment. However, when the price of cryptocurrencies started to fall, so did the interest in blockchain and cryptocurrency jobs.

Before the price of cryptocurrencies fell drastically in March, the blockchain space accounted for 40% of the interest job seekers had. Right now, only 20% of employment seekers have shown interest in the industry by listing blockchain firms as one of their top three industries of interest.
There are so many credible job websites available for job seekers. These websites have recorded a decline in the interest of employers and job seekers in the blockchain space as the bears continue to rule the market. Indeed, the popular website for job seekers claimed that there was a lot of interest in crypto-related jobs between October 2016 and 2017. If you compare the rate of interest in blockchain related jobs from before October 2016 to between October 2016 to 2017, you will discover that there was a 481.61% rise in interest of job seekers while there was a 325% rise in the number of employer interest in the industry.

Bitcoin (BTC) Price Today – BTC / USD
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Between October 2017 and 2018, however, there was only a 25.49% increase in the interest of cryptocurrency related roles. Meanwhile, the interest job seekers have in the industry declined by 3.06%.

Startups Lay Off Workers As Cryptocurrency Market Capitalization Declines

Apart from the decline in job interest in the industry, cryptocurrency startups have also suffered. As stated previously, Steemit, the blockchain based content creation platform had to let go of 70% of its staff. This isn’t the only company that is feeling the heat. ConsenSys, the blockchain startup that was founded by Ethereum’s Joseph Lubin, had to let go of 13% of its workforce during a restructuring exercise. The team behind Ethereum Classic also announced that it would be shutting down because of lack of funds.

While Steemit and ETCDEV clearly stated that the reason behind the cut in its workforce was the cryptocurrency market, Lubin said that his startup was letting go of 13% of its workforce in a bid to streamline several parts of the business.


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