Australian Exchange BTC.com.au Shuts Down Amid BTC Market Volatility
BTC.com.au Started Small, Had Recently Expanded Heavily
Modified Date:- Published Date:-Categories: Bitcoins
Australian-based crypto exchange BTC.com.au has announced that it will close by the end of this week, citing the main reason for the crash in both the stock market and the crypto market. By citing. BTC.com.au only offered one cryptocurrency, bitcoin (BTC), in 2018. Over the past year, as the crypto market boomed, the exchange has expanded significantly, increasing its workforce fivefold. In April this year, BTC.com.au announced the launch of its new full-fledged trading platform, adding support for several new cryptocurrencies and many other features. The crypto crash puts pressure on exchanges The overall crypto market cap has fallen by close to 70 percent since its peak last November - falling from US$2.9 trillion to less than US$1 trillion, according to data from CoinGecko. Many individual cryptocurrencies have seen even bigger declines, breaking their recent highs.This degree of volatility can easily destroy heavily crypto-exposed businesses; Unfortunately for BTC.com.au, the crypto winter took a hit soon after its bullish expansion, when it appears to be particularly vulnerable.
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