• The crypto space was recently rocked by the collapse of FTX, causing the downfall of some crypto firms and a crash in prices.
• Bitrue’s Chief Strategy Officer Robert Quartly-Janeiro shared his thoughts on how crypto exchanges have been faring in the wake of the FTX decline, and how Bitrue is working to regain user trust after this.
• Going forward, exchanges are being more cautious as consolidation continues due to economies of scale, trust, and market moves.
FTX Collapse Triggers Price Crash
The collapse of FTX sent shockwaves throughout the crypto space, triggering the downfall of some crypto firms and prices crashed along with it.
Bitcoinist caught up with Bitrue’s Chief Strategy Officer, Robert Quartly-Janeiro and he shared his thoughts on how crypto exchanges have been faring in the wake of the FTX decline, and how Bitrue is working to regain user trust after this.
Robert Quartly-Janeiro commented that FTX was operating way outside of its remit and if they had not done that in the first place then their demise could have avoided. He also shared his sympathy for both users who lost money as well as staff who were unaware what was happening behind closed doors.
Exchanges Faring After FTX
Since FTX went bankrupt, other exchanges have seen a decline in trading volumes which has caused negative media coverage as people speculated ‘who’ll be next?’. However Binance’s deal for SEBC (Sakura Exchange Bitcoin) calmed things down again as it showed major deals are still possible even after events like this.
Going forward many exchanges are operating cautiously by de-risking and being more frugal with resources as consolidation continues due to economies of scale, trust, and market moves. Users are still wary but confidence is slowly returning to the market again