After suffering a massive sell-off this spring, the crypto space is gripped by a wave of layoffs as companies are forced to cut staff, freeze budgets and even withdraw existing job offers.According to Coinbase Global Inc, it will extend its hiring freeze for the foreseeable future and rescind a number of accepted offers.The crypto company pointed to market conditions as one of the reasons for the decision.Coinbase is coming off a huge hiring spree, which saw the company grow to 4,948 full-time positions from just 1,700 reported a year ago.In response to the news, the crypto-exchange's stocks fell by 9% on Friday.This followed the announcement by billionaire twins Cameron and Tyler Winklevoss that they were laying off 10% of their workforce at Gemini, another cryptocurrency exchange.In late April, Robinhood, a popular retail trading platform, was forced to lay off 9% of its workforce after its stocks plummeted to a record low this spring.The crypto space suffered a massive sell-off, losing about half a trillion dollars of its total market capitalization. The collapse was exacerbated when TerraUSD, the US dollar-linked stablecoin, collapsed, severely impacting other cryptocurrencies.Bitcoin is now trading 57% below its record high of $69,000 recorded in November.
Tesla shares also tumbled by 8.7% on Friday.