Web traffic to crypto exchanges is experiencing a gradual decline as the market is still in bear territory. Holders’ portfolios are down due to repeated corrections and retail investors are not cashing in for fear of a market crash. Amid the bearish conditions, Binance and other crypto exchanges have taken a beating as users who initiate transactions quickly decline.
The trading platform’s revenue is hemorrhaging forcing them to cut staff to stay afloat during these turbulent times. Here is a complete list from exchanges that have laid off staff during the 2022 bear market.
How Much Traffic To Crypto Exchanges Have Been Dropped?
The latest report was published by financial research firm ICO Analytics reveal web traffic to all major crypto exchanges declined. While traffic to the exchange was seen to decrease in June, July saw another decline and was down 11% compared to the previous month.
Also, the data shows that the cumulative decline in web traffic is at 45% YTD. Bear markets are the sole cause of investors losing interest and trading platforms losing income.
Web traffic to Kraken dropped 16% in July compared to June. Coinbase traffic has decreased by 15% and Crypto.com web traffic has decreased by 14% compared to June 2022.
FTX, Huobi, and OKX were the hardest hit as traffic dropped by 33%, 23%, and 22%, respectively. Traffic to the majority of major exchanges dropped twice as much making it harder to survive. Even Binance is down 4.5%, while Gate.io is down 17%.
However, MEXC and BitMart are the only two exchanges that have experienced good traffic flow in the past month. MECX has a total of 11 million user visits, while BitMart has 4.5 million visitors. Traffic to MEXC is up 27% and BitMart is up 17%.
“Web traffic to crypto exchanges in July 2022. According to data from SimilarWeb in July cumulative web traffic to cryptocurrency exchanges has decreased by 11%. That’s -45% YTD,” tweeted ICO Analytics.