Will the crypto winter shut smaller exchanges or lead to acquisition by bigger whales?

economictimes.indiatimes.com:

crypto exchanges, particularly the smaller ones, are on tenterhooks for survival. After Terra's debacle, Celcius and Three Three Arrows Capital jittered. This was followed by Vauld suspending operations. Meta (formerly Facebook) is shutting down its crypto wallet Novi by September 1, 2022. Even the Indian crypto exchanges are facing massive liquidity pressure, with volumes slumping up to 80 per cent since January. The new taxation rules are adding more pain to their sufferings.

Did you Know?

In the wake of the crypto market crash, the prices of hardware used to support the mining of crypto assets are also falling dramatically. For example, a high-end graphic card is now almost 45% cheaper compared to its price a few months ago.

Ashish Singhal, co-founder and CEO, CoinSwitch, said that the crypto industry has several business models. Some are inherently riskier than others, as recent events have shown. Right execution of business models can make or break a company. He added that the platforms with constant innovation and evolution are likely to succeed more. «We are deliberate about everything we do, and our business model is simple, enabling us to buy or sell crypto at a very small fee.» Market experts said that the crypto market was in the doldrums since the beginning of the year, and deteriorating macroeconomic factors added more selling pressure, putting several players on the back foot. Edul Patel, co-Founder CEO of Mudrex, said that smaller exchanges have been facing the heat, leading to their closure. In such times, risk assessment and planning are very critical to sustain the market, he added. Patel believes that contraction with few exchanges would be an outcome of the current series of