Major crypto exchange Coinbase Global Inc (NASDAQ:COIN) plans to slow hiring in the wake of rapidly declining cryptocurrency prices.

What Happened: In an announcement on Tuesday, Coinbase said it would be reprioritizing its hiring needs after the current market downturn.

“We’ve made an important decision to ensure we’re being rigorous in our resource prioritization so we can emerge from this down cycle even stronger than we are today,” said COO Emilie Choi.

See Also: HOW DOES COINBASE MAKE MONEY?

“Given current market conditions, we feel it’s prudent to slow hiring and reassess our headcount needs against our highest-priority business goals.”

The crypto exchange maintained that it has a strong balance sheet and is still in “a strong position” to face a bear market.

Cryptocurrencies saw a massive selloff after Terra’s (CRYPTO: LUNA) algorithmic stablecoin TerraUSD (UST) lost its peg. Bitcoin (CRYPTO: BTC) fell as low as $26,360 and Ethereum (CRYPTO: ETH) briefly traded at $1,748 last week.

Popular large-cap altcoins like Dogecoin (CRYPTO: DOGE), Solana (SOL), and Avalanche (AVAX) also felt the effects of the cascading liquidations across the market.

BTC and ETH have since reclaimed support above $30,000 and $2,000 respectively, as per data from Benzinga Pro. At press time, BTC was trading at $30,500 and ETH was trading at $2,043.

See Also: Coinbase NFT Marketplace Sees Under 150 Users On Day One