The 2022 bear market seems to be never-ending as the crypto markets are down for seven months straight. The global market cap stood at $3 trillion in December 2021, but the same is now at $920 billion. On average, the overall crypto market cap is dipping nearly 3.6% every day in July alone.
The overall sentiment is gloomy as the market is testing the patience of investors every day. Crypto exchanges are experiencing a decline in the number of 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 fall as they fear the markets might face further corrections.
Here’s How Much Web Traffic to Crypto Exchanges Has Declined
ICO Analytics shared data that shows the overall web traffic to crypto exchanges has declined 17% in June 2022. The world’s leading exchange Binance saw its web traffic fall 24% while its competitor Coinbase fell 22%. KuCoin’s web traffic dipped 24% and FTX traffic fell 28%.
Coming to decentralized exchanges (DEX), PancakeSwap saw 30% lesser web traffic in June 2022. However, Uniswap saw only a 1.1% shortage in traffic in the same month.
“Web traffic to crypto exchanges in June 2022. According to the data from SimilarWeb in June a cumulative web traffic to cryptocurrency exchanges has decreased by 17%,” tweeted ICO Analytics.
The development shows why crypto exchanges have resorted to cutting down on staff to stay afloat in the present times. Exchanges are struggling in revenue and it is reported that over 25 exchanges around the world closed down in 2022. Read here to know the full list of exchanges that have fired employees during this bear market crisis.
The bear market is expected to stay throughout 2022 and might take over 2023 as well. Therefore, there might be more trouble brewing for exchanges in the coming months in general.