Mark Yusko, a renowned hedge fund manager, gave his take on whether the FTX collapse will speed up or slow down the crypto bear market. In a recent interview, Yusko focused on two keystones of the crypto industry—GBTC and Tether.
The tragic fall of one of the largest cryptocurrency exchanges sent shockwaves across the crypto industry. The FTX collapse directly affected crypto users, investors, and related companies, especially after its contagion effect became severe.
Crypto exchanges are now under fire to provide more accountability and transparency as they try to maintain investor trust. Apart from that, the demise took a severe toll on investors’ confidence.
Meanwhile, the growing negative sentiment also put a dent in the industry. Retail confidence has encountered a significant setback, and many customers across all centralized exchanges have begun to move their funds to cold storage.
These are just a few reasons why…
