The crypto winter is apparently not over yet. Coinbase announced Tuesday that it was laying off 950 people, about 20% of its staff. The job cuts come only a few months after another major round of layoffs. The crypto brokerage firm let 1,100 people go in June, about 18% of its headcount at the time.
Coinbase, like many other publicly traded and privately held crypto companies, has been hit hard by the massive plunge in the price of bitcoin and other cryptocurrencies. The price of bitcoin is hovering around $17,000 after peaking near $65,000 in late 2021.
Some crypto fans have been encouraged by the solid start for bitcoin so far in 2023. Bitcoin is up more than 4% since the start of the year, suggesting that crypto prices may have finally bottomed out.