Five Trending Crypto Jobs Despite The Bear Market
At the tail-end of 2022, the crypto market endured some of its hardest challenges, seeing prices tumble, traders pulling their cash from the market, and the global exchange platform – FTX – going bust nearly overnight.
Like other industries affected by the changing economic cycle, some crypto companies and startups started making job cuts as a way to navigate challenging market conditions. In mid-June 2022, crypto exchange Coinbase announced that it will cut around 18% of its workforce after company CEO Brian Armstrong admitted the company “grew too quickly.”
Against the backdrop of macroeconomic problems, and ongoing market volatility, crypto companies started a hiring freeze as the market trajectory started trending downwards, and investors felt uneasy about the future of cryptocurrency.
Despite the crypto industry seeing a growth of more than 395% in crypto-related job postings in the U.S. between 2020 and 2021, outpacing tech which increased by 98% over the same period, the overall number of job listings has come to a near standstill by mid-2022.
According to the most recent data from Crypto Jobs List, the total amount of job listings and talent interest has declined between 30% and 40% when compared to the peak of the hiring frenzy in February 2022.
On the wider spectrum ongoing issues of red-hot inflation, aggressive interest rate hikes, and a possible housing market correction – crypto remained well in volatile condition entering 2023.
Yet, crypto-related jobs hold strong as some of the most sought-after employment opportunities among younger individuals that are currently entering the labor market. Although market conditions might not seem favorable, employees seeking an opportunity to step into a career in crypto should consider one of the following five jobs despite the bear market.
Cryptocurrency research analyst
Like many other industries, the role of a research analyst requires individuals that are forward-thinking and can provide practical solutions for industry-related issues.
A crypto research analyst will ultimately help to educate the market, the general public, and other interested individuals about ongoing developments and progress experienced in the market. Through these interactions, individuals will be able to make more informed decisions, and continuously broaden their knowledge of cryptocurrencies and related fields.
Research analysts will ultimately become a vital link between the user/consumer and market leaders, as a way to introduce and promote more widespread adoption within traditional financial systems.
Cyber threats and cyber-related attacks have been widespread ever since the world fully embraced digital technology. While cryptocurrency may not be directly affiliated with traditional banking and financial systems on a broader scale, the link with consumers’ wealth puts the industry at a massive risk for ongoing cyber threats.
Although cryptocurrency and crypto wallets can be harder to crack, the need for cybersecurity experts becomes increasingly important as threat-related instances are becoming more rampant each year.
Creating security systems and software that will not only protect individuals but also the integrity of the industry requires highly skilled individuals that are naturally drawn to software development.
With the blockchain and crypto industry starting to mature, and more consumers taking on digital currency, data scientists would need to analyze adoption and transaction data to help developers better understand the consumer experience and interface.
Often data scientists will determine what the future need will be for a company in terms of consumer retention and customer experience. Part of the job would be to constantly improve existing systems, and bring innovative developments that can help streamline the overall experience.
Data scientists, not just in the crypto industry, are currently in high demand, and many younger employees are seeking jobs abroad as companies will often pay top dollar to attract and retain the most talented individuals.
By now we’re well aware that the building blocks of cryptocurrency are related to blockchain technology. And while crypto forms a big part of the blockchain, it’s only one of the few products and services that makes up the entire blockchain industry.
Blockchain developers are those individuals that help to expand the digital ecosystem that helps to provide a platform on which crypto and related products can exist. Without these platforms, it would be nearly impossible for consumers to trade crypto, utilize their digital assets, or further expand the market.
Despite the slowdown in crypto and tech, blockchain developers remain in high demand, and loyalty in the workplace will see developers gaining increasing demand over the coming years.
Online marketing has seen stratospheric growth in recent years with the rise of eCommerce and digital shoppers. Today, consumers are more prone to shop online for products and services, than to look for them in traditional brick-and-mortar stores.
The convenience of the internet has created endless opportunities for crypto businesses to promote and sell their products online. Better yet, it’s allowed them a better understanding of who their target market is, and how they can market to them using the right digital content.
Digital marketing has become more than reading what consumer trends are, or how people are engaging with content. The digital marketer works as a liaison between the online consumer and the business, helping experts understand what customers want, and what solutions are available to them at the given time.
Despite the many challenges endured last year, crypto enthusiasts are hopeful that the new year will bring new developments that will make the industry a beacon of innovation and progress.
Driving this change are those that see the potential in the crypto industry and what it can offer consumers. Although the job market may have slowed in recent months, perhaps 2023 will be another banner year of growth that once again puts the industry on the map for traders and investors.