Crypto Bears Strike: Steemit Purges 70% Employees, Yet STEEM Up 12%-5.13

Even for the most hardened of firms, bear markets, whether in emerging or established industries, aren’t kind or forgiving. This theme has sadly translated over to the cryptocurrency market. As reported by Ethereum World News on Tuesday, Mike Novogratz’s Galaxy Digital, for example, lost $136 million trading Bitcoin, Ether, and XRP since January 2018.

But, most recently, Steemit, the company behind one of this industry’s leading assets, STEEM, and foremost decentralized platform, has unfortunately resorted to a drastic staff layoff to cover its losses.

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