It is unclear what percentage of its staff GalaxyDigital will lay off
The company’s shares have tumbled more than 70% this year, mirroring the extremely underwhelming performance of the cryptocurrency market. Bitcoin, the largest cryptocurrency, is down 70.40% from its record high.
Such layoffs wouldn’t be new for the company. In early 2020, Galaxy Digital cut its workforce by 15%. However, the company managed to Despite the severe price correction, Novogratz remains bullish on cryptocurrencies in the long term. Earlier this year, he predicted that the Bitcoin price could end up reaching the $500,000 price tag a few years from now.
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