The bear market of 2022 never seems to end as crypto markets fall for seven straight months. The global market cap was $3 trillion in December 2021, but the same is now $920 billion. On average, the total crypto market capitalization drops nearly 3.6% every day in July alone.
General sentiment is bleak as the market is testing investor patience every day. Crypto exchanges are experiencing a decline in web traffic and users during the ongoing bear market cycle. Even top crypto exchanges have seen a dip in traffic and this is drying up their revenue stream. Investors placing the ‘buy’ orders are seeing a sharp drop as they fear the markets will undergo further corrections.
This is how much web traffic to crypto exchanges has decreased
ICO analysis Shared data showing total web traffic to crypto exchanges fell by 17% in June 2022. The World’s Leading Exchange Binance saw its web traffic drop by 24%, while its competitor Coinbase 22% down. KuCoin’s web traffic dropped 24% and FTX traffic dropped 28%.
PancakeSwap came to decentralized exchanges (DEX) and saw 30% less web traffic in June 2022. However, Uniswap saw only a 1.1% shortfall in traffic in the same month.
†Web traffic to crypto exchanges in June 2022. According to SimilarWeb data in June, cumulative web traffic to cryptocurrency exchanges decreased by 17%”, tweeted ICO Analytics.
The development shows why crypto exchanges have resorted to downsizing staff to keep afloat in the current times. Exchanges are struggling with revenue, and more than 25 exchanges around the world are reportedly closed by 2022. Read here to know the full list of exchanges that laid off workers during this bear market crisis.
The bear market is expected to last through 2022 and may also take over by 2023. Therefore, more problems may arise for exchanges in general in the coming months.