Over these thousands of exchanges relatively little fiat money actually flows. If the real value of BTC over the total market is $x and I’m Coinbase and I have > $x amount of real cash, I now can completely fix the price and the competition just becomes more parties to scam.
I don’t want to be antagonistic, but I have heard of many exchanges as I perused these forums through the years. FTX, Mt. Gox, Binance. So what probably should have said was, “It’s the only exchange I know that is still operating that I as a PNC bank customer can use, that I know of.”
I only know of Coinbase. It doesn’t really matter how many exchanges there are, its about the capital, any way you spin it they have more capital then their customers so they set the supply and demand. When they lose a lot of customers, they just burn cash to drive the price up. That’s why they keep failing.