• The FTX collapse sent shockwaves throughout the crypto space, crashing prices and leading to the downfall of some firms.
• Bitrue Chief Strategy Officer Robert Quartly-Janeiro shares his thoughts on how crypto exchanges have been faring after the debacle.
• He believes that consolidation will continue due to economies of scale, trust, and market moves as users are becoming more cautious.
FTX Crash: Overview
The collapse of FTX sent shockwaves throughout the crypto space, triggering the downfall of some crypto firms and prices crashed along with it. However, the market is picking up once more and confidence is returning.
Expert Opinion
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.
Preventable?
Quartly-Janeiro believes that this could have been prevented if they were not operating outside of their remit and embezzling money through Alameda trading. He feels for FTX users who lost their money but also for those who had no idea what was going on or what kind of implications it would have for them.
Exchanges After FTX Decline
Since FTX went bankrupt, other exchanges fared differently during this time with some faltering as their trading volumes fell and cost of debt rose. However, Binance’s deal for SEBC (Sakura Exchange Bitcoin) calmed things down by demonstrating that major deals are still being struck despite FTX’s issues remaining theirs alone.
User Cautiousness
As the market has recovered, many exchanges keep operating cautiously, de-risking and being more frugal as users become increasingly cautious about their investments in light of events such as these. Quartly-Janeiro expects consolidation to continue owing to economies of scale, trust, and market moves.