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Bitcoin and Ethereum are two examples of cryptocurrencies that have yet to significantly recover from the FTX fiasco.
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Bitcoin and Ethereum are two examples of cryptocurrencies that have yet to significantly recover from the FTX fiasco.
Image credit- google images
Former BitMEX CEO Arthur Hayes, though, is certain that the current cycle lows signify a bottom.
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He contends that the selling tsunami has already peaked because all cryptocurrency businesses that were in danger of going bankrupt have already done so.
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These businesses were compelled to liquidate their most liquid assets, which of course included Bitcoin, as a result of the related liquidity crisis.
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These businesses are currently at a point where they can no longer trade BTC before they permanently vanish from the market:
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"When you look at any of these heroes' balance sheets, there isn't any Bitcoin on them because of what they do,
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They sold the Bitcoin both when they were filing for bankruptcy and during the wave just prior.
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In his viewpoint, Hayes is not alone. Cathie Wood, an investor, thinks the loss of FTX will drive expansion in the DeFi industry.
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This is due to the fact that shady business practises are impractical in an open and decentralised business environment:
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