Sam Bankman-Fried, CEO of FTX crypto exchange, recently told Fortune that the cryptocurrency sector will revive along with the stock market. Bankman-Fried stated that it is certain that the crypto market will not collapse to zero. He stated:
“Crypto markets have mostly stabilised, modulo whatever happens in traditional markets. So if stocks recover, I would expect something similar in crypto. If stocks keep crashing, so might BTC. “
Over the last week, the cryptocurrency market has lost approximately $300 billion. The whole crypto market capitalization has dropped from $1.5 trillion last week to just over $1.2 trillion now. According to Bloomberg’s Billionaires Index, the FTX CEO’s net worth has dropped by about half in recent weeks, and he is now worth roughly $11 billion.
In recent months, the stock and cryptocurrency markets have been in lockstep, and this trend may continue.The 30-day average of the Bitcoin-Nasdaq score has neared a precise one-to-one correlation since January 1 and hit 0.82 earlier this week. Several cryptocurrency specialists have recently expressed concern that the crypto market’s performance is similar to that of US technology stocks. The crypto market has been in a gloomy trend as well, with the NASDAQ 100 companies now underperforming.
The Terra problem impacted the crypto market even further, wiping off billions of dollars from the different projects. The Terra blockchain has come to an end, and the whole market is currently trending upward.
At 15:48 IST, Bitcoin is once again trading over the $30k barrier mark, while Ether remains above $2,000. The overall crypto market is close to $1.3 trillion, and if the recovery continues, it might rise even higher in the next few days.
Read more:
- ThriveFantasy now supports Shiba Inu and other crypto payments through FTX
- FTX.US knocks on New York Department of Financial Services for trust charter
