Bear market wipes 25 cryptocurrency exchanges in 30 days

As of July 6, the number of crypto exchanges globally stood at 500, a drop from highs recorded in previous months. By using a web archive tool, Finbold has determined the sector has lost 25 exchanges in 30 days, considering that on June 6, the figure stood at 525, according to CoinMarketCap data.
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.
Notably, smaller exchanges are likely the most impacted, considering some investors have opted to seize trading activities and HODL their assets awaiting the next market 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, $Coinbase(COIN.US)$ , the leading exchange in the U.S., imposed a hiring freeze alongside announcing a layoff to sustain its operations.