The bearish market in the crypto industry is taking forever with its stay in the industry. This has forced several exchange platforms to consider an alternative to seamlessly running their operations. Bitfront, for one, has chosen to shut down its operations by as early as March 2023. The announcement for the same was done by Bitfront, revealing the bearish trend that has forced the management to take the harsh call.
Another reason coming into the picture is the liquidity crisis of FTX. It has directly or indirectly harmed many exchange platforms. While Bitfront has denied FTX’s liquidity crisis as a reason, it has openly come out to quote the industry’s current situation.
Line Corp-backed US-based crypto exchange platform, Bitfront, was established to enable users to store and securely trade digital assets. There is no doubt that the venture succeeded in its endeavors. The final blow is what takes it down forever. Line Corp has, however, assured that it would constantly pursue its efforts in the blockchain industry despite the recent unfortunate development.
The announcement published on the official website of Bitfront highlighted the industry’s many challenges as it is always evolving at a higher pace. It further stated that there is a need to shut down Bitfront to continue growing the LINE blockchain ecosystem and the LINE token economy.
Saying that the move to close operations is unrelated to the recent issues of FTX, Bitfront reiterated that the move to close was triggered only by the bear market.
FTX has collapsed and is currently fighting to bounce back. Its liquidity crisis has made it difficult for traders to withdraw their funds. Several exchange platforms have drawn themselves away, saying their interest is either minimal or zero with FTX. It remains a question of the condition of FTX has further made it worse for the entire crypto market.
The community is at the moment guessing how long the bear continues to walk in the jungle. A Redditor has shared their opinion saying that it is the second-longest bear market for crypto, and it could very well be the most brutal and longest one.
2013-2015 experienced a bearish trend for a total of 415 days. The ongoing one was earlier estimated to get over by early 2023. That is now a far-fetched dream due to the ongoing liquidity crisis of FTX. With Bitfront going down by March 2023, one can find out how many more crypto exchanges they can deal with. The list includes the likes of Coinbase and Binance, among others.
Bitcoin is gaining around 2.56% to touch the mark of $17,111.50. It is closely followed by Ethereum, with a higher rise of 5.55% for the value of $1,293.81. Tether is gaining 0.04%, with others going down and up every other minute.