Hello friends,
I am doing good, and I hope that you are having a good time with your near and dear ones.
The current market situation is bearish and it is difficult to say when it is going to end but as per the market expectations we can hope to see it in the next year. Usually, this is data mined based on the Bitcoin halving which is scheduled in the next year and because of that region, some experts are seeing that year 2024 can be for the next bull run. those who are part of the crypto market are aware that the bearish market is much longer than the bull market. During this period it's difficult for many exchanges and Crypto companies to survive. we have seen that some of the exchanges are already closed and some of them are closing towards the runway and left with a very small period.
This company has been operating for almost 10 years in this business and finally as per them they have taken this decision because of the market condition. Another reason for this wind-up is deregulation issues created by the US authorities and because of that, it seems they are not able to operate anymore. This is true that when something wrong starts by the government authorities then it is difficult for many companies to survive because they are not so strong in terms of financials.
San Francisco-based crypto payments firm Wyre is shutting down after almost 10 years in business, citing the financial challenges of the bear market and not having anything to do with hawkish “regulatory agency direction” in the United States.
It's very sad and I just hope that it is not repeated by any other companies operating in the crypto market. This is not in our hands and we cannot do anything but the current market is tough for the industry. If this market is stretched longer than it will be difficult for many more companies and we might see such updates in the coming months. A couple of weeks back we had seen an update similar to this where Indian exchange statistics were shared by some social media platforms. All the exchanges did not share the data on that but whoever shared was a bit concerning because some of the exchanges are not even able to run for the next two years.
This is the time when some other exchanges are Working to explore different options for their revenue generation. even some of the exchanges in India are going to work in the stock market so when the market is not doing well they can focus on another segment which can be a source for them to generate some revenue. Crypto exchanges are advanced in terms of technology so if they decide to enter another market then probably they will be able to bring the next level of experience backed by high-end technology. let's wait and watch how things turn up and what impact we can see in the crypto market.
Thanks a lot