Crypto market will make a comeback very soon



Crypto market will make a comeback very soon

Sam Bankman-Fried, CEO of Bahamas-based global cryptocurrency exchange FTX, said that the current state of the crypto market will not cause any long-term problems and the crisis will end very soon.

Billionaire CEO, featured on Bloomberg’s “The David Rubenstein Show” report He said that things will soon improve for the crypto industry, which has been grappling with issues such as the collapse of the algorithmic stablecoin ecosystem Terra, the ensuing crypto credit crisis and the bankruptcy of a substantial number of protocols and funds, in addition to the fixes that affect all cryptocurrencies.

“I think crypto is going to make a comeback,” said Bankman-Fried, adding that nonetheless the crypto market correlates with macro markets and crypto will also be affected, especially if the stock markets re-correction.

Stating that he is not worried about the sharp declines in the prices of Bitcoin (BTC) and other cryptocurrencies, the CEO says that the bear market will of course be a difficult process and will result in the failure of some organizations, “It still makes things that should be deleted from the crypto industry disappear,” he adds. .

The CEO of FTX explains under what conditions he will start to worry:

“If we see the markets melt further, for example, if the Nasdaq drops 30-40 percent and Bitcoin drops to $10,000, then the industry will suffer another round and it will become a medium-long-term problem.”

The crypto market could not carry the upward momentum it caught at the beginning of August to the end of the month. Bitcoin, which closed the month with a 14 percent decline, is hovering around $ 19,920 as of the time of publication.

Soruce : https://tr.cointelegraph.com/news/crypto-is-coming-back-soon-says-ftxs-billionaire-ceo

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