- The Co-founder of a Hedge fund points to FTX’s decline.
- He says, “FTX will be the last to wipe out in this bearish market.
- Crypto winter is yet to wash away all the weak players.
Operating as the third largest crypto exchange, FTX is now at zero level due to its highly-spoken liquidity crunch. Moreover, the collapse of FTX has shook the entire investors community and large users for investing in crypto markets. At present the whole crypto market is bearish with fall in prices for cryptocurrencies.
Witnessing the current situation, the Co- founder of Hedge fund, CK Zheng says, “FTX will be the last of the bigger players to wipe out during this crypto winter.” He also suggests that this crypto crash has swallowed some best players like Celsius, Three Arrows Capital and Voyager. Thus, Zheng shares, FTX should be the final one to fall and is more likely to end.
FTX Downfall will be the last in this bearish Crypto Space
Maintaining a high volume in the market, FTX’s ongoing collapse is not a sudden attack for the exchange. The downfall gradually started right from the pandemic in 2020, following the crash of Terra Luna Classic (LUNC) a few months ago.
Thereby, observing all the critical impacts which rise now and then in the market, FTX could be the last one to clean up before the whole cycle really ends, says the Co founder.
As a result of the collapse, all the users withdrew their assets from the FTX exchange. This significant crisis of FTX affected the other crypto exchanges as well. So the withdrawals and deposits in other exchanges have also been suspended this week.
More so, people who analyze the crypto market are perfectly aware about these stressful signs in the space. In regards to this, Zheng comments, “The crypto winter always wipes out many insignificant players in the market.”