After FTX, 4 Crypto Money Experts Announced the Next One!

After FTX, 4 Crypto Money Experts Announced the Next One!
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After FTX, 4 Crypto Money Experts Announced the Next One!

In the wake of FTX, which went bankrupt in November, cryptocurrency transaction volumes melted in half. Now, 4 crypto experts are explaining the next step for the market with waning interest since the crash.

Experts explain what’s next, with process volumes dropping 50% after FTX

Average daily transaction volume on centralized exchanges fell from $26.7 billion in the week to October 30 to $13.1 billion in the seven days to December 11, Bloomberg reported on Friday, citing information provider Kaiko. These include giants such as Coinbase, Binance, Kraken, OKX and Bitfinex.

The decline in transaction volumes, cryptocurrencies that have been in the bear market for a long time come at a very precious time. According to Messari, the total value of the cryptocurrency market has lost about three-quarters since last year. Meanwhile, Bitcoin and Ethereum have dropped more than 75% from ATH levels in November 2021.

After FTX, 4 Crypto Money Experts Announced the Next One!

After FTX’s bankruptcy, user belief in exchanges is also questioned

“The FTX crash brings us back to reality,” says Shaban Shaame, CEO of blockchain game developer EverDreamSoft. He further stated, “The cryptocurrency market is a young branch. He includes the phrase “Wild West, where everything is possible, but at the same time, with evil-minded people and where there are no rules.”

As a reminder, a November Coindesk report revealed that FTT was used to support one of Bankman-Fried’s companies, Alameda Research. Subsequently, FTX lost $8 billion in client funds. It turned out that Alameda’s balance sheet, which was once up to 14.6 billion, consisted of a token produced by FTX. This set off the market alarm bells. Hordes of investors fled the stock market. FTT liquidated its assets at once. Last month, FTX and 130 other affiliated entities filed for bankruptcy.

After FTX, 4 Crypto Money Experts Announced the Next One!

Shaame says investors will continue to flee from other centralized exchanges. She sees that people will switch to cold wallets instead of exchanges. “Regardless, the cut will go one of two different ways,” he adds. Some of his statements about Husus were as follows:

It will either be tightly regulated like the classical finance division or have a more decentralized structure. Stock exchanges are like the banks of the old world, people entrust their money to them and no one monitors them. There is a non-faith-based solution like decentralized exchanges (DEX), but it is not mature enough to support all use cases.

Experts say the crash is preparing the next crypto bull

Shaban Shaame, CEO of EverDreamSoft, said going forward following his above statement, “The decline in trading volume indicates that people are moving to non-custodial exchanges.” Another blockchain gaming executive speculates that the FTX bankruptcy could weed out lousy industry players in the future. He also says he is preparing the segment for success for the next market cycle. Here are the thoughts of Andreas Christensen, founder of SuperOne, about betting:

Many bull market individual investors have left the market resulting in significantly lower transaction volumes. Investors’ FUD will continue until the next upper cycle, which will be a big buy for high-quality, transparent and compliant actors… In such a fragile bear market, a large-scale crime move, as SBF did with FTX, will have an impact on market sentiment and trading volumes. will have a significant impact.

After FTX, 4 Crypto Money Experts Announced the Next One!

Phil Wirtjes, head of strategy at digital asset trading platform Enclave Markets, says the reaction of investors is usual. The veteran thinks it’s no surprise that investors who fear loss are “risk averse”. His ideas on the subject were as follows:

Drying credit lines and a lack of reliance on centers are causing lower liquidity, but it wouldn’t surprise us to see volumes increase when market rigidity is restored.

BTCM economist says companies are used to bankruptcies

Finally, a senior BTCM economist said that institutional and personal investor sentiment will continue to be hit by the FTX debacle, questioning the credibility of the branch. “Institutions like Fidelity and BlackRock are still pushing crypto initiatives slowly but steadily, while many of the classic institutions are in a ‘wait and see’ mode,” says Youwei Yang, chief economist at the public crypto mining company. “However, this breed of crypto veterans more than once, from previous circles, is used to market slump and silence and still hangs there,” he adds.

The collapse of FTX was followed by companies such as the Digital Currency Group (DGC). Rumors that Genesis has melted its reserves, which came to the fore with bankruptcy rumors, triggered double-digit sales at the weekend of December 16.

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