Bitcoin’s price movement has been an active part of the cryptocurrency industry and during the current crisis, the financial space took a massive hit. The market crash sent stock tumbling which resulted in several organizations firing a considerable part of their workforce.
One business has chosen to take the complete opposite path in between these pressing times. Kraken, one of the most successful cryptocurrency exchanges, has decided to recruit more manpower while the coronavirus has kept industries shut down.
Kraken has always been predominantly a company that lets its employees work from home, and that ideology has served them well in the ongoing lockdowns. The United States Congress also took the desperate step to infuse $2 trillion into the nation’s economy so that companies could stay afloat.
Members of the IMF had recently said that the US had entered into recession with the ramifications expected to be worse than the 2009 crisis. It was Kraken’s hiring spree during the financial scenario that took a lot of members by surprise.
According to the exchange, it had hired 67 more people to its roster bringing the total number of employees to 867. Kraken was seen to be riding the employment wave in the cryptocurrency industry, which had risen by a good margin since December 2019.
Reports showed that between the time that the Coronavirus started spreading and March, the hiring rate had increased by 3. This came after an spike in the crypto jobs submitted, which went from 114.5 per million to 118.4 per million. Another interesting fact about the hiring phase was that the new employees had skill sets best suite for liberal arts majors or the hospitality industry.
The cryptocurrency industry seems to be working on a different tangent to the fiat world as the latter was stuck between a rock and a hard place. On one hand, the financial industry was already a wreck from bear attacks which was then followed up by the coronavirus. At the moment, the Dow and Nasdaq were struggling to bear the weight of industry closures and massive layoffs.
Bitcoin was holding well after its earlier price crashes as the world’s largest cryptocurrency traded for $6252. BTC’s market cap was $114.3 billion while its 24-hour market volume clocked $32.9 billion. The 5.94 percent fall in value was the second-largest dip among the top 5 cryptocurrencies. Bitcoin Cash fell by the biggest margin in the top 5 club as the crypto shed 7 percent of its value in the span of 24 hours.