😭 Steemit lays off 70% of its staff, citing crypto bear market

Blockchain startup Steemit ($STEEM) has laid off close to 70 percent of its staff, citing the prolonged bear market for cryptocurrency. Nevertheless, elaborating on the impact of low market prices for major cryptocurrencies, founder and CEO Ned Scott wrote in a blog post that “fiat returns” could no longer adequately cover the “growing costs of running full Steem nodes.”