Bitcoin Teeters Above $60,000 as Web3 Faces a Potential Hiring Cliff [Crypto Briefing]

[Financial News] As price corrections in the virtual asset market coincide with growing concerns over global monetary tightening, pressure for restructuring across the industry is intensifying. In the first half of this year, layoffs at major Web3 companies exceeded 1,500, while Bitcoin has fallen more than 20% from its intraday low over the past month, putting the $60,000 level at risk. In response, the industry is moving away from its earlier speculative expansion phase and reshaping employment around regulatory compliance and the adoption of artificial intelligence (AI).
According to Investing.com on the 25th, Bitcoin fell to as low as $59,115 the previous day. That is more than 20% below its monthly high of $77,860 on the 25th of last month.
Analysts say the price correction reflects not only internal factors in the virtual asset market but also changes in the macro environment. In a related report, iM Securities cited tightening risks, a stronger dollar, a sharp drop in speculative demand, and a shift in liquidity toward major AI companies as reasons why Bitcoin and other key assets such as gold and Silver fell together. Following the recent FOMC meeting, concerns that the Fed could raise interest rates later this year have added pressure across risk assets.
The price correction in virtual assets is also driving cost cuts and restructuring at companies. According to Tiger Research, a Web3-focused research firm in Asia, confirmed restructuring at major crypto companies in the first half of the year has surpassed 1,510 employees.
Layoffs were especially concentrated in March, when geopolitical tensions involving Iran coincided with a market downturn. Gemini cut about 200 employees, or roughly 30% of its workforce, while Crypto.com, Algorand, and OP Labs also reduced staff by 180, 50, and 20, respectively. Last month, the report said, Coinbase, the largest virtual asset exchange in the United States, laid off 700 workers, and Kraken cut 150. The reasons varied by company. Algorand cited the macro environment and falling token prices, while Crypto.com and Gemini highlighted AI integration. Coinbase also declared a shift toward becoming an
AI-native company.
Some companies were eventually sold after prolonged restructuring. Virtual asset research firm Messari was recently acquired by rival Blockworks for about $10 million. Given that Messari was once valued at around $300 million, the deal suggests that data and research firms are also under pressure to restructure their business models.
As hiring becomes more selective, the types of roles in demand are also changing. An analysis of 2,932 active job postings collected by Tiger Research in June found that engineering roles accounted for the largest share at 34.1%, or 999 postings. Compliance and legal roles ranked second at 10.4%, or 306 postings. Three years ago, compliance-related positions were not even counted as a major standalone category, but they have now emerged as a key hiring area as the market shifts toward institutional investors and regulatory response.
The trend is even clearer at CEXs. Of 904 total exchange job postings, engineering accounted for 275, or 30.4%, the largest share. Compliance and legal roles came next with 145 postings, or 16.0%. By contrast, business development and sales accounted for only 61 postings, or 6.7%. The fact that demand for compliance and legal staff is more than twice that for BD and sales at exchanges shows that the focus is shifting from expansion to regulatory response and stronger internal controls.
Changes in the regulatory environment are also boosting demand for compliance talent. The EU's MiCA rules have taken full effect, and in South Korea, exchanges face heavier internal control and compliance burdens after the Act on the Protection of Virtual Asset Users came into force. According to Tiger Research, compliance-related hiring in South Korea accounted for 18.4% of total postings, above the global average of 10.4%. One reason companies are able to maintain productivity despite major workforce reductions is the adoption of AI technology. The share of crypto job postings that mentioned AI-related skills rose from 23% in early last year to 53.1% in March this year. As the industry moves beyond speculative expansion and closer to the structure of mainstream finance, demand is rising for workers with expertise in regulatory response, systems building, and risk management.

elikim@fnnews.com Kim Mi-hee Reporter