Decentralized exchanges have been on the rise in recent years, as they offer a number of advantages over traditional centralized exchanges. However, the ongoing bear market has seen a sharp decline in the number of decentralized exchanges, with 25 exchanges shutting down in the past 30 days.
The bear market has also claimed a number of victims among centralized exchanges, with several shutting down or suspending operations in recent months. The decline in the number of exchanges comes as the crypto industry struggles to remain afloat amid significant sell-offs.
The price correction has not spared major exchanges, which were forced to re-adjust their business operations. For example, Coinbase announced layoffs and imposed a hiring freeze in order keep up with demands for the company's leading US exchange service
The crypto market is still relatively new, but some people believe that the closure of exchanges will help improve its long term stability. In general during bear markets there's a great opportunity to get rid or shut down non-serious cryptocurrency businesses since it only leaves room for serious players in this industry who can survive through tough times like these.
This season had a profound impact on the cryptocurrency sector, with many businesses struggling to survive. However, the sector remains hopeful that the tide will turn and that the market will rebound in the near future.