With the bitcoin price remaining 44% below its all-time high of around $125,000, several crypto firms have announced staff cuts due to the increasing use of AI in their internal processes. On Thursday, Crypto.com announced that it would lay off approximately 12% of its workforce, with another company also announcing layoffs. This comes as part of a restructuring into an "AI-first" business. Meanwhile, Gemini, another crypto firm, also announced layoffs, reaching 30% of workforce since the start of the year. Critics have questioned if these layoffs are coinciding with the fact that the crypto asset market is still a few steps away from its historic highs. However, some argue that AI is being used as a scapegoat for the decline in bitcoin.