- Bitcoin and crypto veterans are warning that there will be more cases like the FTX saga as the market matures.
- “A certain percentage of fraud is accepted as unavoidable,” the Bitcoin whitepaper reads.
Bitcoin price has been trading between $15,800 and $16,800 for the last few days, after a free fall from ATH, $69k, a year ago. The digital asset has fallen approximately 74 percent since last year’s November. The Bitcoin market has lost over $1 trillion in value in the past year, which took over ten years to gain. According to our latest crypto price oracles, Bitcoin has a market capitalization of approximately $322,859,617,783.
Despite the deteriorating prospects of the Bitcoin market, tech billionaire Elon Musk thinks Bitcoin will rebound in the long run. However, Musk warned that it might be a long winter. Hereby suggesting that the bears are heavily in control of crypto institutional investors’ scope.
BTC will make it, but might be a long winter
— Elon Musk (@elonmusk) November 14, 2022
The collapse of the FTX ecosystem has genuinely shaken the cryptocurrency industry globally. More so when the multi-billion Terra Luna case has not been completed with Do Kwon still at large.
As a silver lining, the Binance cryptocurrency exchange and ecosystem have risen, with the Trust Wallet token (TWT) up 50 percent in the past 24 hours.
On the downside, crypto veterans warn that there will be more cases like the FTX saga as the market matures.
i always feel like the people who work in the banking and investment industries read about all the disasters in the crypto industry and think to themselves
“man, i sure hope nobody investigates all the stupid shady ass bullshit we are always doing”
— Shibetoshi Nakamoto (@BillyM2k) November 13, 2022
Furthermore, Satoshi Nakamoto predicted that scams would be rampant as the industry gets adopted globally.
“A certain percentage of fraud is accepted as unavoidable,” the Bitcoin whitepaper reads.
Bitcoin and crypto market outlook
The underlying technology behind cryptocurrency, blockchain tech, has more potential to absorb worldwide popularity, but bad actors are pulling the industry behind.
“Crypto is fine. It’s a shared database and a protocol. You can move coins from one wallet to another without centralized validation. People are always the problem,” the creator of Dogecoin noted.
While the cryptocurrency winter has historically been broken three to four years after the prior bull rally, it is not certain that the next rally will begin before 2025. Moreover, the current bear market is a huge turning point in Bitcoin bull market charting. Notably, Bitcoin price is trading below the 2017 bull market’s ATH, which has never happened before.
Regulations are expected to proliferate the industry more after the FTX collapse. Furthermore, FTX was a major player, which recorded billions of dollars in daily traded volume.
Reportedly, while the United States SEC investigates the FTX collapse, lawmakers in both houses are closely discussing the Biden administration’s proposal on cryptocurrency and blockchain technology.
Mind you, regulators want to avoid cases like FTX and Terra Luna’s in the future as the industry ventures into trillions of dollars worth of markets.
Credit: Source link
