Hotbit Crypto Exchange Shutting down

Hello friends,

I am doing good, and I hope that you are having a good time with your near and dear ones.

Hotbit crypto exchange which is based in Shanghai China has announced that they are going to shut down their operation effective 22nd May 2023. They have asked that you just withdraw all the coins holding on this platform however trading will not be allowed anymore. This is not the first time when we see this type of announcement coming up when exchanges are shutting down their operations for certain regions.

Site link- https://www.hotbit.io/

A bear market is a time when crypto companies struggled to operate because they face a reduction in trading volume and that to some compliance issues by the government. As per this exchange, it is difficult for the centralized exchanges to operate in the current environment hence they have decided to close their business, but they will still support crypto.

Crypto exchange Hotbit has halted operations, citing a litany of issues and suggesting that centralized exchanges are unlikely to be viable long-term.

Maybe this is not the first news about the crypto exchange closure because we often see many such incidents when the market is not doing good. Some exchanges are struggling to minus their operations smooth then it might not be a surprise if some other name also announced a similar thing in the coming months.

The crypto environment is not user-friendly in the US it seems and that is also affecting the business of the crypto companies. We have already seen that this has been happening in the US for quite some time and if some other countries also follow the same then the global crypto community will get affected.

Even the situation is not good in India for some of the exchanges but I believe they should be able to manage it and wait for the upcoming bull cycle that is expected in a year or two. Again, we need to keep the same momentum that no matter what happens in the market, but we are going to be here to get benefited in the next bull cycle. This can also be called a situation when we hands are losing the market charm bird the diamond holders are not going anywhere as they are here for the long term. Crypto is the segment were it is not easy to make money through easy ways and this is what people need to understand.

Thank you