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So many crypto exchanges have been wiped out in the current bear market

 


The ongoing bear market has taken a toll on cryptocurrencies, which has also impacted several parts of the industry, including crypto exchanges. The number of crypto exchanges has declined as these crypto-related businesses struggle to stay afloat amid significant sell-offs.


On July 6, the number of crypto exchanges worldwide stood at 500, down from the peak of previous months, as the number before that was 525.


The drop in exchanges is partly linked to the fall in value of the general crypto market as several companies around the world look for a way out. Besides the crypto market collapse, exchanges have been impacted by other macroeconomic conditions, such as rising inflation numbers.


Crypto companies generally responded to the slump by reassessing their plans. Exiting the industry seems to be one of the options for some.


Bitcoin sell-offs correlate with the broader stock market plunge, particularly the tech sector. The crisis was compounded by the crash of Terra (LUNA). This has undermined confidence in the sector.


Smaller exchanges in particular have been hit hardest, largely because the bear market has forced investors to exit the market.


Even larger exchanges were not spared. They had to partially realign their business to remain operational. Coinbase has imposed a hiring freeze and at the same time carried out a wave of layoffs in order to be able to maintain operations.


After the changes end, regulators could pay more attention to the market and enact tough laws to protect investors. Interestingly, the exchanges that are closing do not share the status of investor deposits. Such circumstances have consequently disrupted confidence in the growing crypto sector.


Although the crypto market is still young, some market observers believe that closing exchanges could benefit the sector. For them, the bear market is an excellent opportunity to filter out non-reputable crypto entities.

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