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Last year’s cryptocurrency boom likewise created a corresponding rise in job openings in the crypto and blockchain industry. Some top-level executives from banks and financial institutions even switched to what they considered to be an exciting new career path in the nascent crypto industry.

But with the recent fall of crypto prices, the industry’s job market is no longer as robust as it was just a few months ago. In fact, layoffs are now becoming a trend among cryptocurrency companies, according to a report by the Wall Street Journal.

The publication reported that ConsenSys, a blockchain venture firm based in New York, let go around 13 percent of its staff. The company said that while it is committed to its mission of supporting the Ethereum community, it needs to streamline several areas of its business.

In a post, ConsenSys explained.

“Excited as we are about ConsenSys 2.0, our first step in this direction has been a difficult one: we are streamlining several parts of the business including ConsenSys Solutions, spokes, and hub services, leading to a 13% reduction of mesh members.”

Meanwhile, the Virginia-based blockchain firm Steemit appears to be losing steam as it laid off a massive 70 percent of its workforce last month, according to TechCrunch. The report said that the company decided to reduce its workforce due to the crypto market’s weakness, the increasing costs of running Steem nodes as well as the diminishing returns of Steem’s automated selling.

Steemit CEO Ned Scott explained:

“We still believe that Steem can be by far the best, and lowest cost, blockchain protocol for applications and that the improvements that will result from this new direction will make it far better for application sustainability. However, in order to ensure that we can continue to improve Steem, we need to first get costs under control to remain economically sustainable. There’s nothing that I want more now than to survive, to keep steemit.com operating, and keep the mission alive, to make great communities.”

The prolonged crypto bear market not only forced some companies to lay off employees but a few even had to shut down entire operations. One such victim of crypto’s recent decline is Bitmain, which recently decided to cease its entire operation in Israel, according to TNW.

The report said that Bitmaintech Israel would be closing this week due to the bear market. The subsidiary opened up two years ago, and its closure will affect 23 employees.

Bitmaintech Israel head Gadi Glikberg told employees that:

“The crypto market has undergone a shake-up in the past few months, which has forced Bitmain to examine its various activities around the globe and to refocus its business in accordance with the current situation.”

The cryptocurrency market’s decline likewise affected how job seekers view employment opportunities in the blockchain and crypto industry. According to the Wall Street Journal, the number of Indeed.com searches for those jobs fell by 3% in twelve months as of October 2018. This is a complete reversal to last year’s figure, where searches for crypto and blockchain related job openings on the site rose by an astounding 482%.

Cryptocurrency Bear Market Is Causing Layoffs, Closures and Even Waning Interest From Job Seekers was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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