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BitOasis, a cryptocurrency exchange in the United Arab Emirates, revealed on Sunday that it has let off nine staff as part of a cost-cutting strategy.

Earlier this week, nine staff were laid off across locations in Dubai, Abu Dhabi, and Amman, according to Ola Doudin, CEO of Middle East-focused crypto exchange BitOasis.

According to the corporation, the job cuts accounted for around 5% of the company’s personnel.

BitOasis, founded in Dubai in 2015, has continued to service English and Arabic-speaking consumers across the Gulf.

BlockFi, Crypto.com, and Gemini have all recently announced layoffs. In a memo to staff, the CEO of Coinbase, one of FTX’s major competitors, stated that the company is slashing its employment by around a fifth. Although the CEO of FTX has not announced any layoffs, he did remark in a Twitter thread that hiring has reached a standstill. The Bahamas are currently home to Bankman-Fried. FTX has just begun work on a new global headquarters in the city.

This week, Bankman-Fried was in Washington to meet with politicians and regulators. The risk to investors is causing a lot of anxiety. Furthermore, due to the crypto-crisis, politicians are focused on the larger financial system.

The recent crisis has been attributed to overall economic inflation and staked Ethereum, while loan site Celsius Network has been blamed for starting the issue.

Last week, on Monday, June 13, the price of Bitcoin fell below $24,000, causing crypto company Celsius to suspend withdrawals and transfers. Celsius’s problems added to the market’s suffering, which had already been exacerbated by the failure of Terra, a $60 billion stablecoin investment. Celsius was a Terra investor impacted by the TerraUSD and Luna price drops.

Last week, crypto values plummeted, causing panic among investors, who began dumping their holdings in droves.

The prices of major cryptocurrencies such as Bitcoin and Ethereum have plummeted by more than 70% from their high levels. The overall value of the cryptocurrency market has dropped below $1 trillion, a significant decline from its peak of almost $3 trillion.

Following the recent crypto meltdown, numerous companies have reduced their workforces, while a select number have increased their investments.

Coinbase said it would be cutting off 18 percent of its workforce, or around 1,100 full-time employees. BlockFi, Robinhood, Crypto.com, and several other cryptocurrency companies have lately announced massive layoffs.

The recent job losses foresee another protracted crypto slump, which might result in fundamental adjustments. It might take months or even years for you to recover.

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