Here is how much traffic binance and crypto exchanges lost in 2022
Online traffic to crypto exchanges is experiencing a gradual decline as the markets remain in bear territory. Holders’ portfolios are down due to repeated corrections and private investors do not donate money for fear that the markets will crash. Amidst the bearish conditions, Binance and other crypto exchanges have taken a beating as users initiating transactions fell rapidly.
Trading platforms’ revenues are bleeding, forcing them to cut back on staff to stay afloat during this turbulent period. Here’s a full list of exchanges that have fired employees during the ongoing bear markets of 2022.
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How much traffic to crypto exchanges has fallen?
The latest report published by the financial analysis firm ICO Analytics reveals that the online traffic of all leading crypto exchanges decreased. While traffic to the exchanges saw a decline in June, July saw another decline and is down 11% compared to the previous month.
Data also shows that a cumulative decline in online traffic is 45% YTD. The bear market is the only culprit for investors losing interest and trading platforms losing revenue.
Online traffic to Kraken is down 16% in July compared to June. Coinbase’s traffic has dropped 15% and Crypto.com’s web traffic is down 14% compared to June 2022.
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FTX, Huobi and OKX are the hardest hit as traffic fell by 33%, 23% and 22% respectively. Traffic to most of the leading exchanges is down by double digits, making it harder for them to survive. Even Binance is down 4.5%, while Gate.io is 17%.
However, MEXC and BitMart are the only two exchanges that experienced a good traffic flow last month. MECX had a total of 11 million user visits, while BitMart’s visitor count stands at 4.5 million. Traffic to MEXC is up 27% and BitMarts is up 17%.
“Web traffic to crypto exchanges in July 2022. According to data from SimilarWeb in July, cumulative web traffic to cryptocurrency exchanges is down 11%. That’s -45% YTD,” tweeted ICO Analytics.
