60% of Crypto Projects Are Closed That Launched In 2023
We have seen many ups and downs in 2023 And that year was not good for the cryptocurrency because we have seen many events, crypto hacks, and scams in that particular. So we can conclude that the 2023 year was a disaster year for cryptocurrency because many projects were closed in 2023. recently a report came out that is the result of a survey of 12343 crypto projects. According to this data, this was the toughest year for cryptocurrency and almost 60% of coins closed this year.
Decreasing trading volume is the major reason behind coins being tied. this is a concerning thing. investors lost their interest in cryptography and there are many factors like lack of security, market instability, and unclear crypto regulation can be responsible. Let me give you an example of India recently we saw that Indian crypt exchanges almost died and there was very low trading volume it is because of the harsh crypto rules of the government. you know that Indian Crypto users pay 30% tax and 1% TDS and this is the reason that people don’t use Indian crypto exchanges instead of they use international exchanges for trading.
Also, the Web 3 gaming industry got most of the damage and almost 25% cryptocurrency of Web 3 gaming was closed in 2023. 2020-2021 was the time of bull run and there were many crypto projects launched and almost 70% of crypto projects were closed that launched during this time. in Web 3 gaming, 2127 projects were closed and this is a big number so we can see that Web 3 gaming gets the most damage during this time. Can you imagine this is a big loss I’m not talking about all the cryptocurrency but I’m just talking about Web 3 gaming segment projects. Thankfully we have been saved because of the hive blockchain. splinterlands is still there and it is good that sprinterlands is recovering otherwise it is next to impossible to come out of this situation.
However, splinterlands faced many issues We have also seen a situation like layoffs of the staff in the last bear season so Splinterlands has also faced many difficulties during this time but thankfully it is still there and it is growing development is going on and in the future we can see the valuation will increase. But guys this is big damage so we have to wait for a good situation and it will take time it is not going to happen overnight because this damage is not small. No things are going to change after this ETF approval because Blackrock is a big player and maybe we will not see more fluctuation in the cryptocurrency in the future because many experts predicting this thing but only time will tell what is going to happen.
Bear market and bull markets are important things for retail investors because they can buy cheap and book a profit at a higher price that is why the cryptocurrency market is more famous because it can give you a big loss at the same time it can give you a big profit it is because of higher volatility but I do not think BlackRock will allow this because it is biggest fund management company in the world and crypto market is still small there is a reason that this company entered in the market. I want to know your opinion on this topic let me know in the comment section.
Lucky Ali
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 | Hi I am lucky ali from gujarat, india. I am a crypto enthusiast, blogger, and SEO developer. I am always interested in learning new things and getting new experiences. You can find me on hive, twitter and discord (Lucky Ali#6343). Sharing is caring, Thank you hive family ♥ |
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In your post you mention decreasing trading volume is one of the greatest reason for the downfall of the Crypto industry. I think so. I so many gaming project and others deeply and project get down and it will closed for this bear market in 2023. Now, this is a boll Run so also Bitcoin halving is coming so it is the great opportunity for the new project to get huge volume and get increase of the price because now bitcoin ETF is also accepted so it is will be the Bitcoin new high.
It is not always easy to stay afloat when the money does not come in your pocket.
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Agreed with your thoughts.
You people are paying 30% tax which is very harsh.
Crypto is a fast moving space and such things happen
@sagarkothari88 vote
it is huge list and 70% project closed,it is big list, so we should very much carfull in investment , we should first make deep research about crypto coin if we want to invest any coin, thank you so much for sharing informative content