The ongoing bear market conditions have had an impact on many aspects of the cryptocurrency industry. Cryptocurrency exchanges are among the main players that have felt these bad effects lately. In the past 30 days, 25 exchanges have vanished into history.
As of July 6, the number of crypto exchanges globally fell from the highest levels recorded in previous months. decreased to 500. Crypto market data provider CoinMarketCapAccording to , the total number of exchanges on June 6 525 It was determined that the sector lost 25 stock markets in 30 days, taking into account that the
The main reason behind the deletion of cryptocurrency exchanges is based on users’ requests to withdraw their money from the market due to the declines. Aside from market declines, stock markets struggle to keep their businesses afloat. macroeconomic inflation and dealing with crises.
Cryptocurrency exchanges responded to this decline and crisis environment by “replanning”, and one of these replanning options is exit the industry entirely seen as.
Featured small-volume exchanges have lost a great deal of their trading volumes as users often opt to “HODL” in the bearish market. In addition, major stock markets seem to have been affected by this crisis environment.
The leading cryptocurrency exchange in the USA in the past months Coinbase had begun layoffs and had decided to freeze new staffing.
Although the crypto market is relatively new, some market watchers believe that closing the exchanges could benefit the industry. To eliminate “non-serious” exchanges and crypto assets of the bear market an excellent opportunity they think it is.