Home / Ripple News /Cryptowisser: 51 Crypto Exchanges Dead In 2022 - Exchange Deaths Down 40% Despite Crypto Winter

Cryptowisser: 51 Crypto Exchanges Dead In 2022 - Exchange Deaths Down 40% Despite Crypto Winter

12 Dec 2022

Shiba inu was in the red to start the week, with prices falling to a 20-day low on Monday. The meme coin has now moved lower for four straight sessions, with the latest decline seeing price move below a key support point. Dogecoin was also down, hitting a two-week low earlier today.

Shiba inu (SHIB) was down on Monday, as the meme coin moved to its lowest point in the past 20 days.

Following a high of $0.000009282, SHIB/USD was down by nearly 5% today, hitting a low of $0.000008794 in the process.

This bottom is the lowest point that SHIB has traded at since November 22, when the token was at a low of $0.00000817.

As can be seen from the chart, the move comes as shiba inu broke out of a floor at the $0.00000885 mark.

The 14-day relative strength index (RSI) also fell, dropping below a floor at the 43.70 level in the process.

Should this bearish momentum continue, we could see SHIB sellers attempt to recapture the low last seen on November 22.

Dogecoin (DOGE) also remained in the red to start the week, as it also declined for a fourth straight day.

DOGE/USD declined to an intraday low of $0.08729 on Monday, less than 24 hours after hitting a high of $0.09682.

As a result of this decline, which saw DOGE drop by nearly 10%, the token hit its lowest point since November 25.

Looking at the chart, bearish momentum has recently intensified following a drop below a floor of 48.00 on the RSI.

The 10-day (red) moving average also appears to be heading towards its 25-day (blue) counterpart, with a downward cross looking inevitable.

Should this crossover take place, it is likely that DOGE will move even lower, with a floor of $0.080 a possible destination.

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Tags in this story
Analysis, Doge, dogecoin, shib, shiba inu

Do you expect dogecoin prices to fall further this week? Let us know your thoughts in the comments.

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Dennis Diatel / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 this article.

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Shiba inu was in the red to start the week, with prices falling to a 20-day low on Monday. The meme coin has now moved lower for four straight sessions, with the latest decline seeing price move below a key support point. Dogecoin was also down, hitting a two-week low earlier today.

Shiba inu (SHIB) was down on Monday, as the meme coin moved to its lowest point in the past 20 days.

Following a high of $0.000009282, SHIB/USD was down by nearly 5% today, hitting a low of $0.000008794 in the process.

This bottom is the lowest point that SHIB has traded at since November 22, when the token was at a low of $0.00000817.

As can be seen from the chart, the move comes as shiba inu broke out of a floor at the $0.00000885 mark.

The 14-day relative strength index (RSI) also fell, dropping below a floor at the 43.70 level in the process.

Should this bearish momentum continue, we could see SHIB sellers attempt to recapture the low last seen on November 22.

Dogecoin (DOGE) also remained in the red to start the week, as it also declined for a fourth straight day.

DOGE/USD declined to an intraday low of $0.08729 on Monday, less than 24 hours after hitting a high of $0.09682.

As a result of this decline, which saw DOGE drop by nearly 10%, the token hit its lowest point since November 25.

Looking at the chart, bearish momentum has recently intensified following a drop below a floor of 48.00 on the RSI.

The 10-day (red) moving average also appears to be heading towards its 25-day (blue) counterpart, with a downward cross looking inevitable.

Should this crossover take place, it is likely that DOGE will move even lower, with a floor of $0.080 a possible destination.

Register your email here to get weekly price analysis updates sent to your inbox:

Tags in this story
Analysis, Doge, dogecoin, shib, shiba inu

Do you expect dogecoin prices to fall further this week? Let us know your thoughts in the comments.

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Dennis Diatel / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 this article.

Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament

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The Tron-based stablecoin USDD has once again dropped below the $1 parity to a low of $0.969 on Monday, Dec. 12, 2022. Amid the drop in USDD’s value, Tron founder Justin Sun tweeted that his team was “deploying more capital,” and the stablecoin’s web portal usdd.io claims the project is overcollateralized by 200.8% at the time of writing.

Tron’s stablecoin USDD is the eighth largest dollar-pegged token and it’s ranked 57 in terms of the largest market capitalizations among thousands of crypto assets. On Monday, Tron’s stablecoin dropped down to $0.969 per token at around 2:51 a.m. (ET) and at around 8:00 a.m., USDD is exchanging hands for $0.979 per unit. While the Tron stablecoin dropped in fiat value, Tron founder Justin Sun reassured the public that USDD was an overcollateralized stablecoin by sharing the URL usdd.io.

Deploying more capital – steady lads

— Do Kwon ? (@stablekwon) May 9, 2022

The web portal dedicated to the Tron stablecoin claims USDD is overcollateralized by 200.8% at 8:00 a.m. (ET) on Dec. 12. “In case anyone asks about [USDD], it is 200% collateralized ratio on usdd.io,” Sun tweeted. “You can check all live data on blockchain 24*7,” the Tron founder added. Following that statement, Sun tweeted out another comment that was once said by Terra’s co-founder Do Kwon when UST was losing its peg. Sun wrote:

Deploying more capital – steady lads.

This is not the first time USDD has dropped below the $1 peg as the stablecoin dropped below $1 on Nov. 10, 2022, the day before FTX filed for bankruptcy protection on Nov. 11. On Nov. 10, USDD slipped to $0.976 per unit and it returned to the $0.99 range on Nov. 18, at around 1:00 p.m. (ET).

Tron’s stablecoin USDD sunk even lower on June 19, 2022, when it dipped down to $0.928 per unit six months ago. By the first week of July, it had regained the $1 parity all the way up until Nov. 7, 2022, when it started to deviate again.

Interestingly, the Tron stablecoin tapped an all-time high just over a month ago, when it tapped $1.04 per unit on Nov. 9, 2022. At the time of writing, USDD has an overall market cap of around $711.31 million, and an estimated $79 million in 24-hour global trade volume.

The stablecoin’s supply has increased by 0.2% during the last 30 days. Since June 3, 2022, USDD’s market cap has grown by 6.6% from $667 million to today’s $711 million. Tron’s stablecoin is listed on a myriad of centralized and decentralized trading platforms with Huobi being the most active exchange on Dec. 12.

What do you think about the Tron-based stablecoin deviating away from the $1 parity this week? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: photo_gonzo / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 this article.

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The Tron-based stablecoin USDD has once again dropped below the $1 parity to a low of $0.969 on Monday, Dec. 12, 2022. Amid the drop in USDD’s value, Tron founder Justin Sun tweeted that his team was “deploying more capital,” and the stablecoin’s web portal usdd.io claims the project is overcollateralized by 200.8% at the time of writing.

Tron’s stablecoin USDD is the eighth largest dollar-pegged token and it’s ranked 57 in terms of the largest market capitalizations among thousands of crypto assets. On Monday, Tron’s stablecoin dropped down to $0.969 per token at around 2:51 a.m. (ET) and at around 8:00 a.m., USDD is exchanging hands for $0.979 per unit. While the Tron stablecoin dropped in fiat value, Tron founder Justin Sun reassured the public that USDD was an overcollateralized stablecoin by sharing the URL usdd.io.

Deploying more capital – steady lads

— Do Kwon ? (@stablekwon) May 9, 2022

The web portal dedicated to the Tron stablecoin claims USDD is overcollateralized by 200.8% at 8:00 a.m. (ET) on Dec. 12. “In case anyone asks about [USDD], it is 200% collateralized ratio on usdd.io,” Sun tweeted. “You can check all live data on blockchain 24*7,” the Tron founder added. Following that statement, Sun tweeted out another comment that was once said by Terra’s co-founder Do Kwon when UST was losing its peg. Sun wrote:

Deploying more capital – steady lads.

This is not the first time USDD has dropped below the $1 peg as the stablecoin dropped below $1 on Nov. 10, 2022, the day before FTX filed for bankruptcy protection on Nov. 11. On Nov. 10, USDD slipped to $0.976 per unit and it returned to the $0.99 range on Nov. 18, at around 1:00 p.m. (ET).

Tron’s stablecoin USDD sunk even lower on June 19, 2022, when it dipped down to $0.928 per unit six months ago. By the first week of July, it had regained the $1 parity all the way up until Nov. 7, 2022, when it started to deviate again.

Interestingly, the Tron stablecoin tapped an all-time high just over a month ago, when it tapped $1.04 per unit on Nov. 9, 2022. At the time of writing, USDD has an overall market cap of around $711.31 million, and an estimated $79 million in 24-hour global trade volume.

The stablecoin’s supply has increased by 0.2% during the last 30 days. Since June 3, 2022, USDD’s market cap has grown by 6.6% from $667 million to today’s $711 million. Tron’s stablecoin is listed on a myriad of centralized and decentralized trading platforms with Huobi being the most active exchange on Dec. 12.

What do you think about the Tron-based stablecoin deviating away from the $1 parity this week? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: photo_gonzo / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 this article.

Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament

A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.

PRESS RELEASE. Cryptowisser, a leading Crypto service comparison website, announces the launch of its annual Crypto exchange graveyard for 2022. This list is the only comprehensive database of “dead” cryptocurrency exchanges currently available.

In 2022, 51 exchanges were reported dead, with the vast majority seemingly dying out due to business reasons and there were small percentages of scams, rebranding and regulatory deaths.

FTX – Star of the Show

Out of all the exchange casualties of 2022, FTX received the most attention, namely due to its sheer size and perceived strength (previously the third-largest exchange by trading volume). Unlike most crypto exchange deaths, this incident shook the crypto community to its core, whereas the majority of crypto exchange deaths occur in smaller, lesser known exchanges.

Hacking and Scams on the Decline

In the course of the crypto winter, fewer and fewer new crypto platforms were able to start up shop, resulting in only the strongest crypto platforms living to tell the tale. Less than 3% of crypto exchange deaths were caused by hacking or scams, the most notable being the Hoo exchange, which was reported to have frozen withdrawals, before disappearing, leaving an angry alliance of former Hoo traders behind. Cryptowisser also saw a significant decrease in the number of new exchanges registered.

Big Exchanges Continue to Take Market Share

Although the market has declined, household names have held onto their market shares, making it difficult for smaller exchanges to establish themselves. The FTX debacle drew even more attention to trust issues in the crypto market, making people less likely to choose a lesser known exchange. Not only that, large exchanges such as Bitget have begun to advertise their “protection funds” to reassure traders that their funds are safe with them.

Majority of Dead Exchanges reported to be “Missing in Action”

Over 50% of the exchange deaths in 2022 were reported “M.I.A”. Just disappeared into the ether, occasionally leaving clues of their death in a trail of confusing tweets, trading volume crashes, homepage 404s and dodgy site redirections. A clear indication of the crypto winter weeding out the weak, but unsettling nonetheless for affected traders.

Centralized Exchanges Losing Favor Among the Masses

In the centralized exchange world, FTX demonstrated how quickly things can change. Within the following weeks, traders began withdrawing large amounts of BTC from exchanges and placing them in cold storage. Additionally, there are a number of new investors attracted to decentralized cryptocurrency exchanges because they are able to maintain greater control over their funds.

Concluding Remarks

Although the deaths of exchanges were lower than previous years, FTX has had more of an impact on the market than the hundreds of dead exchanges in the previous years. The bigger exchanges like Binance continue to cement their market share. Until the market recovers, exchanges will continue to die, especially if they cannot rebuild trust with their traders.

Cryptowisser is a cryptocurrency services comparison site that provides the largest, most frequently updated, and most trusted list of cryptocurrency exchanges, wallets, debit cards, and merchants anywhere. The platform provides more than 1,000 reviews of the various exchanges, debit cards, wallets, and merchants in the crypto space, designed to assist in making the most informed purchasing and service decisions.

In order to obtain more information, please contact press@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.

Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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