Bitcoin and crypto here to stay despite market turmoil: Community

Regardless of crypto markets being on a downturn, members of the group have expressed their timeless religion that Bitcoin (BTC) and crypto are right here to remain. 

Even with the FTX and Alameda Research debacle highlighting points inside the crypto market, a group member urged others to not be burdened. The Twitter consumer argued that the disaster was solely a black swan occasion that solely FTX CEO Sam Bankman-Fried (SBF), Binance CEO Changpeng Zhao and some others may have seen coming. The group member believes that regardless of this, crypto remains to be right here to remain.

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Whereas the present state of the market left individuals feeling burned out, some stay hopeful and reaffirm their love for crypto. A group member tweeted:

In the meantime, crypto analyst Michaël van de Poppe additionally shared his ideas on the crypto market’s trajectory. In response to van de Poppe, issues shall be higher transferring ahead. Citing Mt. Gox, Terra and FTX, the analyst highlighted that errors must be made as a way to enhance the system. “It’d really feel like we’re on the sting of collapsing crypto totally, however Bitcoin and crypto are right here to remain,” he wrote. 

Associated: FTX-Binance standoff highlights the need for clear rules — Sen. Lummis

With fears of a contagion plaguing the crypto market due to the current FTX and Alameda debacle, executives from distinguished crypto companies have assured their customers that they’ve no exposure to the troubled firms. Tether chief know-how officer Paolo Ardoino, Circle CEO Jeremy Allaire and Coinbase change CEO Brian Armstrong all took to Twitter to dispel any FUD that’s surfacing amid the FTX disaster.

On Nov. 8, Binance and FTX introduced that the companies will perform a strategic transaction that goals to assist FTX with what Zhao described as a “important liquidity crunch.” The Binance CEO additionally expressed the corporate’s intent to totally purchase FTX and assist cowl the liquidity points.