When you consider that Bitcoin had almost surpassed the $70,000 barrier in December 2021, it is safe to say that exchange platforms were not prepared for a year as complicated as 2022. Unfortunately, the months that followed saw their fair share of problems, leading to the active and throwing the market into complete limbo.
The bear market has been present for a while and is challenging to overcome. Although there was some optimism following Bitcoin’s recovery to about $25,000, the FED’s inflation announcements are not encouraging. BTC once again had a big decline as a result, dropping more than $2000 in a matter of hours.
Trading platforms are forced to evolve in order to draw in more investors and boost their trading volume when faced with such a complex environment. For this reason, Crypto.com today revealed an 80% decrease in trading costs!
Crypto.com used the recent update of its platform, which included new trading capabilities, as an occasion to announce some changes. One of them is a shift in weight. In fact, all cryptocurrencies currently have trading fees reduced by 80%. In addition, everyone can now benefit from the 0% commission rate.
In a formal news announcement, the trading site also stated:
- With this decision Crypto.com wants to allow users to get the most benefit from their transactions.
Additionally, the terms of access to the exchange platform’s VIP program have just been made simpler. The many trading fees, derivatives, and margins associated with this well-known VIP program have also been restructured.
Thus, Crypto.com keeps up its strategy of global expansion, with a focus on Europe, while running incentives to entice more people to try their hand at trading cryptocurrencies. The trading platform seeks to make cryptocurrencies accessible to as many individuals as possible.
We’re all in this together 👊— Crypto.com (@cryptocom) August 18, 2022
Introducing the https://t.co/vCNztABJoG Exchange's all-new trading fee structure 🦾
Up to 80% trading fee reductions
Attain ZERO maker fees
Trade with as little as US$1
Learn More 👇https://t.co/4S6qa7U9bN pic.twitter.com/lCAHTFTlvG
Of course, it’s also a way for this business to grow its clientele and “survive” in a field that’s going through a severe crisis and wants to better define itself. Indeed, more and more nations want to impose more regulations on the bitcoin market.
Platforms for trading: a crucial foundation
Exchange platforms, whether centralized or DeFi (decentralized) networks, are a crucial pillar in the bitcoin industry. These enable the presentation of numerous cryptocurrencies and facilitate trading volumes, which are essential for the market.
The bear market is currently in full swing in 2022, making the situation for trading platforms quite challenging. A few of them experienced liquidity issues to the point where they were forced to temporarily halt deposits and withdrawals.
Even worse, several of them filed for bankruptcy, which resulted in substantial losses for investors who possessed cryptos on these platforms. The crypto industry is in doubt due to either the issues that keep piling up on this side or the fall of Terra, which demonstrated that even stable coins may be unstable.
This is why exchange platforms, like Crypto.com, are making every effort to promote the industry in order to introduce it to more and more people and grow the use of crypto-currencies globally.
The impact of Bitcoin
Without a doubt, Bitcoin has always had a significant impact on the cryptocurrency market. For some people, it’s just a poor patch, while for others, this cryptocurrency is already coming to an end.
BTC has an impact on the entire market due to its king status. Investors so regain optimism when it is rising and in the black. On the other hand, the altcoins follow suit when it declines.
Since this year, inflation has begun to have an effect on the cryptocurrency market and subsequently, Bitcoin. Prior to recent months, the only item that could really have an impact on the cryptocurrency market was Bitcoin. As a result, the crypto market as a whole appears to be feeling the effects of the more traditional economy.