An ongoing bear market combined with wider global economic struggles has hit crypto firms hard, causing delays, staff layoffs, and AI pivots. 

This week, crypto protocol Algorand announced it was reluctantly reducing its workforce by 25%. 

Algorand claimed the “tough” layoff was in response to “the uncertain global macro environment as well as the broader downturn in crypto markets.”

Indeed, as the year continues, bitcoin’s price is struggling to gain upward momentum after dropping to $63,000 in late February.

The escalating war between the US, Irael and Iran is also causing the price of oil to rocket, and threatens deeper economic turmoil across the globe.

Crypto layoffs, cuts, and delays

Firms…