The Diverse Landscape of Exchanges in a Bear Market
In the crypto market, the bear markets are tests for all. Bear markets not only bring uncertainty and falling prices, but also pose serious challenges to the growth and viability of projects and organizations. This report aims to explore how different crypto exchanges are evolving in this challenging environment. We will look at the performance of the exchanges in terms of their coin business, other business development, etc. to understand their coping strategies and achievements in the bear market. This will help us gain insights into the operations of exchanges and how they remain competitive in a volatile market environment. With this report, we hope to provide investors and industry observers with valuable insights into how exchanges are evolving in a bear market.
Crypto Market Cap Plunged Over 60% From Its Peak, With Trading Volume Declining Over 90%
At the end of 2020, the crypto market welcomed a bull run that lasted for over a year. Bitcoin's price approached a high of nearly $70,000, with the market's total capitalization exceeding $3T.
However, 2022 saw the market taking a downturn. Accompanied by various negative news, by the end of '22, Bitcoin's price dipped to around $60,000, and the total market cap also dropped to $800B.
Hopes of a rebound were continually met with further declines, making it increasingly clear that the bear market had truly arrived. Various metrics continued to deteriorate. The once-hot sectors like DeFi, NFTs, high-yield mining activities, and numerous IDOs/IEOs began cooling down and stagnating in some cases.
Top 10 Exchanges Spot Monthly Trading Volume Peaked at $2 Trillion, Now at $300 Billion, a Drop of More Than 80%
In a bear market, besides the decline in coin prices, trading volumes also see significant reductions.
In Nov 2021, the top 10 spot exchanges hit a trading volume of over $2 trillion, with the volumes in the latter half of the year consistently exceeding $1 trillion. However, as 2021 came to a close, a notable decline began to emerge. By Aug 2022, monthly trading volumes dipped below $750 billion for the first time. Then, in December, impacted by factors such as the FTX crash and the overall market decline, volumes slumped to $420 billion, representing merely 20% of its peak.
Entering 2023, the prolonged bear market led to an even more subdued atmosphere in crypto space. While there was a slight increase in volume during the first quarter due to Bitcoin's rally, the monthly trading volume from the second quarter onwards consistently remained below $400 billion.
The Bear Market Has Posed a Serious Challenge to the Growth and Viability of Crypto Organizations
If FTX 2.0 Can Resume, Isn't It Possible That Users (Me) Will Soon Get Money Back?
FTX's liquidation and reorganization seems a long way off in comparison to FTX's bankruptcy in a week's time. With the first anniversary of FTX's bankruptcy coming up in less than 3 months, will we have a chance to see FTX 2.0?
Follow FTX 2.0 Featured News to be the first to get the latest information related to FTX reorganization!
Bear Market Brings Challenges As Well As Opportunities, Binance Continues to Open up New Markets
Binance's average daily volume fell from $56B at the beginning of the year to $34B in August due to the end of the zero-fee campaign.
- January 12, 2023, Binance's registration in Sweden is approved by the Swedish FSA.
- June 2023, Binance launches a trading platform in Kazakhstan that is regulated by local policy.
- August 1, 2023 Binance launches Binance Japan for Japanese users.
- August 8, 2023, Binance received the license to operate in El Salvador.
Bitget Is Playing Catch-up, No Stone Left Unturned in Branding, Financing, and Business Growth
While Bitget's average daily volume dropped from approximately $7.3B at the beginning of the year to $6B in August, Bitget's share of average daily volume rose 2%, from 2% to 4%.
Bitget's exchange token, $BGB, has risen from $0.18 at the beginning of 2023 to $0.44 at the end of August, an increase of nearly 140%, outperforming the majority of exchange tokens.
Click for Crypto Exchange Token Tracker Aug 2023, learn more about the performance and potential opportunities on exchange tokens.
A Variety of Activities Brought BitMart Brand Awareness and Influence
BitMart's daily volume have been growing in volatility since early 2023. In addition to exchange core business, BitMart is also increasing its brand awareness through offline events, online AMA and etc. around the world.
August 2, 2023, BitMart was named one of the top 200 global fintech companies. BitMart was joined on the list of crypto companies by exchanges Binance and Coinbase, data analytics site Dapper Labs, and NFT marketplace OpenSea.
One of BitMart's specialties is the vote listing, even in a bear market, it’s still in full swing. in 2023, BitMart held vote listing for a total of 37 cryptocurrencies. As of the end of August, 18 of the top-performing assets have been passed on and are now trading online.
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