New Delhi, Sep 21 (IANS): The crypto job market has witnessed a decline in India after a period of high growth in the past three years, a new report said on Thursday.

According to the leading job portal Indeed, the job postings for crypto-related positions decreased by 64.20 per cent, and searches for such jobs dropped by 15.20 per cent between August 2022 and 2023.

This decline reflects the evolving dynamics within the industry this year, indicating a period of adjustment and potential market consolidation.

"This decline comes after a period of high growth in crypto in the past three years. Data from 2022 indicated an 804 per cent increase between April 2020 to 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.

Moreover, the report stated that Bengaluru takes the lead, contributing significantly with 36.40 per cent of the crypto job market.

After Bengaluru -- Pune, Mumbai, Gurgaon, Hyderabad, and Kochi make up 7.32 per cent, 6.68 per cent, 6.54 per cent, 6.21 per cent, and 4.66 per cent, respectively.

The wide distribution of crypto job opportunities across these regions reflects a decentralised approach, offering employment options across the country. When it comes to job roles, the report pinpointed the most in-demand positions in the cryptocurrency industry.

Topping the list are Application Developers, accounting for 10.86 per cent of the job listings. Following closely behind Enterprise Architects at 5.97 per cent.

The list continues with Full Stack Developers, Developers, and Data Engineers at 5.38 per cent, 3.78 per cent, and 2.92 per cent, respectively.