KryptoCurrency

November 23, 2024
Crypto

Bitcoin and crypto here to stay despite market turmoil: Community

By akohad Nov9,2022

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Despite crypto markets being on a downturn, members of the community have expressed their undying faith that Bitcoin (BTC) and crypto are here to stay. 

Even with the FTX and Alameda Research debacle highlighting issues within the crypto market, a community member urged others not to be stressed. The Twitter user argued that the crisis was only a black swan event that only FTX CEO Sam Bankman-Fried (SBF), Binance CEO Changpeng Zhao and a few others could have seen coming. The community member believes that despite this, crypto is still here to stay.

While the current state of the market left people feeling burned out, some remain hopeful and reaffirm their love for crypto. A community member tweeted:

Meanwhile, crypto analyst Michaël van de Poppe also shared his thoughts on the crypto market’s trajectory. According to Van de Poppe, things will be better moving forward. Citing Mt. Gox, Luna and FTX, the analyst highlighted that errors have to be made in order to improve the system. “It might feel like we’re on the edge of collapsing crypto entirely, but Bitcoin and crypto are here to stay,” he wrote. 

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

With fears of a contagion plaguing the crypto market because of the recent FTX and Alameda debacle, executives from prominent crypto firms have assured their users that have no exposure to the troubled firms. Tether chief technology officer Paolo Ardoino, Circle CEO Jeremy Allaire and Coinbase exchange CEO Brian Armstrong all took to Twitter to dispel any FUD that are surfacing amid the FTX crisis.

On Nov. 8, Binance and FTX announced that the firms will perform a strategic transaction that aims to help FTX with what Zhao described as a “significant liquidity crunch.” The Binance CEO also expressed the company’s intent to fully acquire FTX and help cover the liquidity issues.