- Bitcoin's value has decreased significantly, resulting in a decrease in related freelance jobs.
- The popularity of digital assets has surged in recent years, but its value has seen a significant drop in recent months.
- Freelancers should stay up-to-date on new developments and changes in the bitcoin industry to be better equipped to offer services.
The cryptocurrency industry is one of the fastest-growing industries. It possesses capabilities of making the process of accessing information immutable and simple. In addition, Blockchain’s decentralized technology makes it easier to organize, manage, and pay freelancers with the help of digital work contracts.
In Q2 2022, the world entered crypto winter. As a result of the crypto market turmoil, freelance jobs relating to crypto were heavily impacted. According to CryptoMonday, jobs for Bitcoin dropped by 80%, from 2,610 in Q2 2021 to only 542 in Q2 2022.
The crypto industry is still young and volatile, so, understandably, there would be ups and downs in the number of available freelance jobs. However, the sharp decline over the last year shows that the market is still uncertain.
Ethereum also experienced a 58% drop in interest, from 2,820 jobs in Q2 2021 to 1,176 jobs in Q2 2022.
CryptoMonday CEO says,
The decrease in freelance crypto jobs is a result of the market turmoil that the industry has experienced. Despite the industry's growth, the market's volatility has made it difficult for freelancers to find consistent work.Jonathan Merry
The Crypto Market Meltdown
Bitcoin’s price crashed by over 72% from its All-Time High and is currently trading at $19,629.64. Ethereum’s price has also dropped significantly, by over 75% from its record high. This market turmoil has made it difficult for freelancers to find consistent work in the industry.
Major cryptocurrency exchanges began laying off employees following the crypto winter. In June, the popular crypto exchange Crypto.com laid off 260 employees, while Coinbase laid off 18% of its staff.
The decrease in demand for freelance crypto jobs is also due to the increasing regulation of the industry. In September, the US Securities and Exchange Commission (SEC) issued subpoenas to several firms involved in the cryptocurrency industry. The SEC's actions have made investors wary of investing in cryptocurrency. This has led to a decrease in demand for services related to cryptocurrency.
What’s the Future for Jobs in Crypto?
If you're considering a career in cryptocurrency, be aware that the market is volatile, and jobs may be difficult to come by. Freelancers, in particular, may want to consider other options, as the demand for their services has decreased sharply in the last year.
Crypto Global market capitalization crashed to USD 969 billion in the second week of June from a high of USD 2.9 trillion back in November 2021. This has led to a decrease in demand for services related to digital assets.
Despite the industry's challenges, there are still opportunities for freelancers with expertise in cryptocurrency. Companies in the industry are still hiring, but at a much lower rate than before. Nevertheless, freelancers who can adapt to the changing market conditions and continue to offer valuable services will be able to find work in the industry.
The crypto industry is still new and rapidly changing, so it's hard to say what the future holds for jobs in crypto. However, it's clear that the market volatility has significantly impacted the number of freelancers working in this field.
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