In a notable shift within the cryptocurrency sector, there has been a substantial decline in jobs for crypto-related positions. The hob postings related to crypto have declined by 64.20%, while searches for these job roles also decreased by 15.20% between August 2022 and 2023.
Data from Indeed reflects the evolving dynamics within the industry and indicates a period of adjustment and potential market consolidation this year.
Bengaluru takes the lead, contributing significantly with 36.40% of the crypto job market. Pune, Mumbai, Gurgaon, Hyderabad, and Kochi make up 7.32%, 6.68%, 6.54%, 6.21%, and 4.66% market size, respectively.
The wide distribution of crypto job opportunities across these regions reflects a decentralised approach, offering employment options across the country.
The data further reveals the most in-demand positions in the cryptocurrency industry are application developers, accounting for 10.86% of the job listings. Followed by enterprise architects at 5.97%, full stack developers, Developers, and data engineers at 5.38%, 3.78%, and 2.92%, respectively.
The data showcases the dynamic nature of the crypto space and its correlation with India's role in the global economic arena, particularly in the midst of critical discussions on cryptocurrency regulation.
“This decline comes after a period of high growth in crypto in the past three years. Data from 2022 indicated an 804% increase between April 2020 and April 2022. The dip observed in the past year can be largely attributed to volatile market conditions and heightened regulatory and safety concerns,” said Sashi Kumar, head of sales, Indeed India.