Issue link: https://maltatoday.uberflip.com/i/1472631
Name Current Change %Change Open High Low Prev. Value Close US MARKETS NASDAQ 13,037.49 -344.03 -2.57 13511.75 13533.78 13032.17 13381.52 EUROPEAN MARKETS FTSE 7,251.31 -246.87 -3.29 7498.18 7498.18 7243.44 7498.18 CAC 6,451.79 -328.88 -4.85 6496.25 6617.09 6433.51 6780.67 DAX 13,854.52 -776.84 -5.31 13989.41 14221.71 13826.70 14631.36 ASIAN MARKETS SGX Nifty 16,141.00 -109.00 -0.67 17052.50 17115.00 15500.50 17063.00 Nikkei 225 25,970.82 -478.79 -1.81 26281.35 26357.58 25775.64 26449.61 Straits Times 3,276.06 -116.94 -3.45 3351.24 3363.17 3248.93 3393.00 Hang Seng 22,901.56 -758.72 -3.21 23268.03 23376.37 22786.39 23660.28 Taiwan Weighted 17,594.55 -461.18 -2.55 17939.53 17939.53 17561.07 18055.73 KOSPI 2,648.80 -70.73 -2.60 2689.28 2694.55 2642.63 2719.53 SET Composite 1,662.72 -33.73 -1.99 1683.92 1690.50 1656.62 1696.45 Jakarta Composite 6,817.82 -102.24 -1.48 6912.48 6929.91 6758.86 6920.06 Shanghai Composite 3,429.96 -59.19 -1.70 3474.37 3486.98 3400.21 3489.15 7.7.2022 7 MARKETS International Markets Global Indices Trading Date: 6 July 2022 Bear market wipes 25 cryptocurrency exchanges in 30 days THE ongoing cryptocurrency bear market has impacted several elements of the sector, with exchanges emerging as the latest entities to feel the hit. Indeed, the number of exchanges has dropped as crypto-related businesses struggle to remain afloat amid significant sell-offs. As of July 6, the number of crypto exchanges global- ly stood at 500, a drop from highs recorded in previous months. By using a web archive tool, Finbold has deter- mined the sector has lost 25 exchanges in 30 days, consid- ering that on June 6, the figure stood at 525, according to CoinMarketCap data. e wipe-out of crypto exchanges is partly tied to the drop in value of the general crypto market as several busi- nesses in the space look for exits. Besides the crypto mar- ket meltdown, exchanges have been impacted by other macroeconomic conditions, such as rising inflation fig- ures that have made it challenging to sustain businesses. Crypto businesses readjusting plans Crypto companies generally responded to the meltdown by re-evaluating their plans for the future, and opting out of the industry appears to be one of the options. Sell-offs in major digital currencies like Bitcoin has cor- related with the broader slump in stock markets, particu- larly in the technology sector. e crisis was deepened by the Terra (LUNA) ecosystem crash, an aspect that might have eroded trust in the sector. Notably, smaller exchanges are likely the most impacted, considering some investors have opted to seize trading activities and HODL their assets awaiting the next mar- ket rally. Additionally, the escalation of the bear market forced retail investors to exit the market. Interestingly, the massive price correction has not spared leading exchanges that have been forced to readjust their business to remain operational. For instance, Coinbase, the leading exchange in the U.S., imposed a hiring freeze alongside announcing a layoff to sustain its operations. Regulatory response Following the exit of the changes, regulators might be alarmed and enact strict laws aiming to protect investors. Notably, most exchanges shutting down sometimes fail to share the status of investor deposits. Such circumstanc- es have consequently eroded trust in the growing crypto sector. Although the crypto market is relatively new, some mar- ket observers believe the closure of exchanges might ben- efit the sector. ey opine that the bear market is an excel- lent opportunity to eliminate non-serious crypto entities. Generally, the ongoing market downturn continues to impact the global economy; the focus will be on how the crypto exchanges and companies will handle the bearish pressure and survive the ongoing financial onslaught.