Blockchain data company Chainalysis Inc. has announced that it is laying off 15% of its employees due to market conditions. The news comes as more and more firms operating within the cryptocurrency sector are forced to let staff go as the market struggles to stabilize. Losses have been particularly pronounced in the mining industry, where many firms have been unable to cope with a sustained downturn in the price of Bitcoin. Chainalysis stated that the decision to lay off employees was difficult, but necessary in order for the company to grow efficiently and reduce expenses during tough market conditions.