New Delhi, Feb. 2 -- Crypto markets are sliding again, but this time the pain is being felt most by the companies that run the trading platforms. As retail investors step back, major crypto exchanges are seeing volumes dry up and their share prices tumble.

Bitcoin had dropped as low as $74,876 but later recovered some of the losses. The coin has fallen about 12% over the last seven days, eroding over $200 billion in market value, CoinMarketCap data shows.

While the digital token has fallen more than 35% since its October crash from record highs, the damage to exchanges has been far more serious. Shares of companies such as Coinbase, Gemini, and Bullish have dropped between 40% and 55% over the past three months, as falling volumes weigh...