Bitcoin News and Finance
Cryptowisser: 79 Crypto Exchanges Dead in 2021 – Even More Than in 2020 Skip to main content

Cryptowisser: 79 Crypto Exchanges Dead in 2021 – Even More Than in 2020

PRESS RELEASE. November 2021, leading Crypto service comparison site – Cryptowisser, announces its annual Crypto exchange graveyard. The list serves as the only existing extensive database for “dead” cryptocurrency exchanges. Over the last year many exchanges have been victim to regulatory regulations, hacking, and a highly competitive growing market. Six exchanges from the detailed report were even closed down due to the actual exchange being a scam.

It was another rough year for crypto exchanges as nearly 80 exchanges bit the dust, but why are more and more exchanges dying despite the booming crypto market and continued acceptance into mainstream economics?

The Regulatory Kiss of Death

As the market grows and crypto becomes more widely accepted, nations and governments are forced to bend the knee to find ways of accepting cryptocurrency and with that comes regulations. Whether the said government enforces stricter regulations or bans crypto altogether, there are several potential factors that can affect exchanges with markets in those countries. For example, with the recent crypto ban in China, major exchanges like Bit-Z fell by the wayside.

The Hacking Death Penalty

Although one of the smallest death contributors on the list, hacking should not be ignored. There were reportedly 3 reported fatal hacks last year. The Atomars exchange, a promising exchange from the Seychelles that was known for their security was the victim of an inside job resulting in a hacking, and has since not been able to bounce back since.

The Powerhouse Grim Reaper

Despite the growing number of crypto users, smaller exchanges have a hard time competing with the giants such as Binance and KuCoin. These crypto household names continue to swallow most of the market share of new users as well as trade volume, making it ivery difficult for smaller exchanges to compete. Just looking at these Giant’s native coins, it is evident they are experiencing massive growth and taking market share. Binance’s native token (BNB) was worth 27 USD a year ago, and is currently valued at 628 USD. KuCoin showed even bigger growth with their native token, the KuCoin token being worth just 85 cents a year ago and now worth over 21 USD.

The Defi Death Experience

Decentralized exchanges have been pushing out centralized exchanges for quite some time They often have lower fees, fewer KYC requirements and higher security and that makes it an attractive choice from many traders, when looking at big DeFi exchanges like Uniswap, they show huge signs of growth – Just a year ago their token market cap was almost 900 million USD, and today stands at a staggering 15 billion USD.

Concluding Remarks

Exchange deaths are growing year on year, but with more regulatory sanctions and crypto awareness worldwide, it could be said that the regulations could stabilize the number of crypto exchanges on the market. Long are the days gone from the opening exchange in a Bull-run hoping for the best. For a new exchange to flourish, they will need to comply with all regulatory requirements, and be able to cover all the costs related thereto and also have an edge to compete with not only the big names who already offer trust, security and acceptable fees, but also with the decentralized exchanges who are grabbing market share and users every day.

Cryptowisser is a cryptocurrency services comparison site with the world’s largest, most frequently updated and most trusted lists of cryptocurrency exchanges, wallets, debit cards and merchants. With more than 1,000 reviews of the various exchanges, debit cards, wallets and merchants, they help you make all of your purchasing decisions and service choices in the crypto world.

For more information please contact presst@cryptowisser.com

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory