Although the crypto market is in a downturn, members of the public have expressed faith that it will not die if Bitcoin (BTC) and crypto is here to stay.
Even with FTX and the Alameda Research debacle highlighting the problems in the crypto market, community members are asking others not to be rigid. Twitter users argue that the crisis is the only black swan event that only FTX CEO Sam Bankman-Fried (SBF), Binance CEO Changpeng Zhao and a few others can see coming. Community members believe that despite this, crypto is still here.
While the current state of the market has left people feeling burned out, some remain hopeful and reaffirm their love for crypto. A community member tweeted:
F..k dump & all the fud. I love #Crypto. It is here to stay.
— $SHIB KNIGHT (@army_shiba) November 9, 2022
Meanwhile, crypto analyst Michael van de Poppe also together thoughts on the trajectory of the crypto market. According to van de Poppe, things will go further. Quoting Mt. Gox, Terra and FTX, the analyst said that mistakes should be made to improve the system. “It may feel like crypto is collapsing, but Bitcoin and crypto are still around,” he wrote.
With the fear of contagion hitting the crypto market due to the recent FTX and Alameda incidents, executives from prominent crypto companies have assured users that they have. no exposure to troubled companies. Tether chief technology officer Paolo Ardoino, Circle CEO Jeremy Allaire and Coinbase exchange CEO Brian Armstrong all took to Twitter to dispel the FUD that has emerged amid the FTX crisis.
On November 8, Binance and FTX announced that the company will carry out strategic transactions which aims to help FTX with what Zhao described as a “significant liquidity crunch.” The CEO of Binance also expressed the company’s intention to fully acquire FTX and help solve the liquidity problem.