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Crypto crash impact: Indian exchanges work on cutting costs, gear up for harsh winter

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After a year of aggressive marketing, and high cash burn, Indian crypto platforms are now back to basics of focusing on products and looking at growing avenues of revenue generation, as they grapple with declining trading volumes, which is set to fall further as the 1 percent tax deducted at source (TDS) regime kicks in next month.

On Saturday, Bitcoin's price dropped upto $18,000 while Ethereum dropped below $1,000. Further, a 90 percent drop in volumes since March has raised questions about survival, especially for smaller players.

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