The cryptocurrency market is full of unprecedented news in a recent development dYdX’s Chief Executive Officer announced on October 30 that the decentralized exchange platform has reduced its core workforce by 35%.Â
In an X post dated October 29, 2024, Antonio Juliano notes, “I’ve made the incredibly difficult and sad decision to move on from 35% of the dYdX team.” He joined as the CEO of the Dex after a half-year hiatus.Â
It further asserts that the company is ready to proceed forward with better clarity and renewed passion and also intends to create amazing things in the coming future.Â
The decision to lay off dYdX followed the recent layoff by Consensys, which recently announced a reduction of 160 employees working in the organization.Â
Following the employee layoff X post by the CEO of dYdX, the head of finance reposted the same by noting, “Said goodbye to a lot of great people today at dYdX. If you’re a company looking for some amazing talent, drop us a DM.”
Is SEC Fear Troubling Crypto-based Companies to Expand?Â
There are dozens of companies that accuse the SEC and its head Gary Gensler of hindering the growth of crypto, especially in the United States. After the layoff, Consensys argued that the misuse of power by the SEC is threatening the crypto of the digital assets market.Â
In the past few years, the actions and crackdown by the Securities and Exchange Commission of the United States over the crypto market have increased significantly, imposing penalties of $4 billion in 105 weeks.Â
It is worth noting that the pace of layoffs remained since the opening of 2024, but in the past many renowned companies reduced their employee count. On the other hand, hiring for reputed positions such as CFO, CLO, COO, Developer, Blockchain Engineer, and others has surged.Â
The upcoming year is expected to bring some big development and relief for the crypto market because developing nations such as Russia, El Salvador, and others are deeply exploring the potential of blockchain-based currencies, especially cryptocurrencies.Â
Another reason behind such massive speculation is the ongoing presidential elections in the United States, in terms of pro-crypto candidates leading the race and in other aspects, Harris is closely competing with him.Â
A pre-election announcement of holdings of digital assets has increased the winning chances of Trump. Still, a huge number of black American voters support Harris more than the former president.Â
The hype of this event is so influential that it has helped Bitcoin and several others to reach new heights in terms of trading price volume. When writing, BTC was trading at $72,231, surging over 7 percent in the past seven days.Â
If the pace of growth of Bitcoin trading price remains the same, there is a chance that it might soon surpass its all-time high and mark a new all-time high above $75k.Â
