Seattle-based cryptocurrency exchange Bittrex is cutting staff by more than 80 people, the company confirmed Thursday, citing market conditions.

In an email posted to Twitter, Bittrex CEO Richie Lai told employees that the team has been working “aggressively” to cut costs and improve efficiency, but has not been successful.

The market downturn, caused by numerous failures in the crypto ecosystem, turned into an outright collapse by the end of the year.

Layoffs affected at least some employees in most departments at Bittrex.

Bittrex is one of many crypto exchanges that announced layoffs in the wake of the plummeting cryptocurrency prices and the collapse of the FTX exchange and other well-known cryptocurrency companies. In January, U.S. exchange Gemini announced its third round of layoffs, and Coinbase announced it was laying off 20 percent of its staff.

Based on media reports and press releases, more than 29,000 jobs have been lost in the crypto industry since April.