Exchanges struggle as crypto winter sets in following a big drop in prices

Cryptocurrencies that were the flavour of the season till about last year have seen a sudden fall on every matrix for the exchanges — trading volumes, value and profitability — as a crypto winter sets in following a big drop in prices in the last few months.
The sudden shift in market sentiment from exuberance to fear has led to exchanges resorting to a combination of short- and long-term measures to manage working capital.
The exchanges have seen a drastic drop in revenue and margins — by as much as 80% and 60%, respectively, compared to a few months back, according to industry trackers.
The tough times may not be over yet, as India looks to roll out the new TDS (tax deducted at source) regime on July 1, which will impact the cost of buying crypto assets.