What cryptobirds survived the bear market?


The fact that the ongoing bear market in the crypto industry has an impact on all projects and companies should no longer be a secret. Venture capitalists are becoming more cautious, mining is no longer viable for many, prices are falling, and new investors are reluctant to enter the cryptocurrency market. In addition, traders are not as active as in 2017 and early 2018, with the result that some exchanges face liquidity problems in the dust. Active actions taken by governments and regulators in connection with the bear market force some exchanges to either restructure or even close their business completely.

Binance, Kraken and BitMEX

Recently there were rumors about the possible closure of Binance, Kraken and BitMEX. They are popular and well-proven cryptobirds. Despite the fact that companies did face some problems, at present they were able to solve them through various measures, including restructuring. For example, on September 7, 2018, Kraken announced that she would fire 57 people. Shortly thereafter, the Internet began to talk about security issues and the possible disconnection of Kraken. Later, the company made it clear that there were no safety issues or plans for decommissioning, and layoffs were just cost reductions. SEC and CTFC have announced that they have filed charges against the securities broker 1Broker for violating federal law in connection with the exchange of securities funded by Bitcoin. Finally, 1Broker was turned off, and many Binance and BitMEX customers were worried about the same thing happening with these two exchanges. Because of this potential complication, companies started denying Americans access to their services.

Zebpay

The government of India together with RBI (Central Bank of India) imposed a crypto-prohibition on both companies and individuals. Due to the fact that banks were banned from doing business with cryptocurrency companies, the largest crypto-exchange in India, Zebpay, was also forced to temporarily cease operations. In a statement on September 28, 2018, Zebpay wrote:

“Today (09.28.2018 at 16.00) we will cancel all outstanding transactions between cryptocurrencies and return the assets back to the Zebpay wallet. Currently, new orders are not accepted. "

Zebpay, however, did not stop the activity and is currently working on new features to launch again.

Liqui.io

Ukrainian cryptobirge Liqui said on January 28 that it can no longer offer services to its clients. In the past, there was some controversy about the exchange. Liqui blamed the bear market and the associated liquidity problems of temporarily ceasing business. The lack of liquidity is due to the fact that many investors who entered cryptocurrency at their peak left the market. Since few investors and traders want to trade on small exchanges with a small volume, they give way to large cryptobirds such as Binance and Kraken. Liqui plans to re-enter the cryptocurrency after solving these problems.

During the bullish movement in 2017, many new exchanges appeared. During a bear market and despite liquidity problems, very few survive. Judging by the current market situation, many exchanges will not survive the ongoing crisis. The exchanges play a central role in the cryptoecosystem. Anyone who has a cryptocurrency can exchange it for fiat money in a crypto-exchange and, thus, indirectly buy all the goods of the world. Since most stores currently do not accept cryptocurrency as a means of payment, the exchange, up to the full adoption of the latter, is very important.

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