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Crypto projects have experienced significant losses in the midst of a challenging bear market. Many companies have downsized. This downsizing, including major exchanges, reflects a ruthless aspect of bear markets. The latest announcement came today from the Polygon (MATIC) team.
Polygon (MATIC) News
Crypto company announced today that Polygon Labs will downsize by 60 positions, which corresponds to about 19% of its staff. The statement clarified that this step was taken for improved performance rather than cost savings, contrary to what might be expected. The company also announced that the team behind Polygon ID will be leaving the firm in the coming months.
Last year around this time, the Polygon team had announced a 20% staff reduction. Back then, it was considered normal as Coinbase and others were also making layoffs, but now Polygon continues to shrink, and the current situation is confusing given the updates planned for the coming months.
Polygon Labs CEO Marc Boiron wrote on his social media account regarding this matter;
“The truth is, fulfilling our mission often requires tough decisions. As hard as it may be, the founders and I must act thoughtfully for those who give us the best chance to succeed.”
MATIC Coin Commentary
This statement also supports the neglect that the team was downsized with a financial savings goal. MATIC performed better than the market average in the second half of 2022, especially due to its superior efforts in advertising and marketing. Things changed with the increase in the number of ZK networks.
The price dropped below $0.82 and is now facing the risk of falling back to $0.7. If BTC price can continue its reaction rally at the time of writing, it will be supportive for MATIC Coin. In a positive scenario, we could see a rise back to $0.89.
The medium-term optimistic target is the $1.1 threshold. MATIC Coin could convince investors that it has left the downtrend behind with closures above this region.
Bitcoin is at $42,800 at the time of writing. The price, shaken by Fed announcements, recovered slightly with weakening employment data. Comprehensive employment data coming tomorrow could increase volatility as we head into the weekend.
