Anyone heard about the issues the exchanges are facing with the lack of liquidity due to the "dead market"? Another major fall is more realistic than a "possible reversal"
That was the case when we were trading in the $6,000 area: extremely low volume and thin order book on the bid side.
It's worth noting this time around, the bid/ask ratio is much stronger now. Check out Bitcoinwisdom or Cryptowatch and look at bid vs. ask depth at Bitstamp, Kraken, Bitfinex, Coinbase. Everywhere is showing 2x bids. The disparity starts getting really big as you look below $3,000.
People are obviously expecting lower prices right now. The market seldom does what people expect.
The big exchanges will always stay, however there are some local exchanges that had to hire people and get ads and many more stuff basically spent a lot of money during the peak which cost them a lot but they were also making so much money, local exchanges that made 10+ bitcoin in profit daily have hard time getting 10+ bitcoin volume daily let alone profits.
Now, those websites are having hard time and eating a chunk of the profits they made themselves and pay the costs however they are getting smaller and smaller each day. When we talk about exchanges not making money as much as they used to we think of binance and coinbase and bittrex etc etc but we forget that almost all countries have local exchanges that we used to withdraw fiat and they are in big trouble lately.