Bear market wipes 25 cryptocurrency exchanges in 30 days
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The ongoing cryptocurrency bear market has impacted several elements of the sector, with exchanges emerging as the latest entities to feel the hit. Indeed, the number of exchanges has dropped as crypto-related businesses struggle to remain afloat amid significant sell-offs.
As of July 6, the number of crypto exchanges globally stood at 500, a drop from highs recorded in previous months. By using a web archive tool, Finbold has determined the sector has lost 25 exchanges in 30 days, considering that on June 6, the figure stood at 525, according to CoinMarketCap data.
The wipe-out of crypto exchanges is partly tied to the drop in value of the general crypto market as several businesses in the space look for exits. Besides the crypto market meltdown, exchanges have been impacted by other macroeconomic conditions, such as rising inflation figures that have made it challenging to sustain businesses.
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