The CEO of BTC Markets, Caroline Bowler, discusses the most recent developments in the world of cryptocurrencies. According to Bowler, it is strange that a situation similar to that of MF Global has occurred recently in which client funds have been misappropriated by insolvent businesses.
The entire cryptocurrency industry is being impacted by the fall of the FTX empire. Users, executives, investors, and staff all suffered greatly as a result of the exchange’s meltdown.
Nobody foresaw the cryptocurrency industry’s titan’s demise. The company FTX, which was having trouble with liquidity, has now filed for bankruptcy. SBF has also given up his position as the exchange’s CEO.
Additionally, Bowler added that word has spread that FTX’s decision to use client funds was a long-term strategic choice that failed. She emphasized that FTX’s decline is what caused the ripples we currently see in the market.
The CEO of BTC Markets emphasizes that more Ripples are likely to emerge in the crypto industry as a result of the affiliation of numerous companies with FTX.
BTC Market’s Bowler compares FTX’s fall to the GFC event
Bowler likens the FTX event to a miniature GFC event and predicts that there will be more regulation on the other side. She claims that this will benefit the cryptocurrency industry in every way.
Bowler and her group have additionally been vigorously advocating for improved customer protection and self-regulation. She is willing to confirm this as well in terms of regulation.
Bowler emphasizes that behavior, not blockchain technology, needs to be examined. She says that analysis of the FTX management’s behavior is necessary because that is where regulation is required.
Bowler also discussed the discussions that took place at the Singapore Fintech Festival, where they touched on the need for more international cooperation and regulations. She continued by saying that all of these regulations would probably come into effect within the next 12 to 18 months.
After Bitcoin fell to $15,900 levels on Monday, the FTX collapse is endangering additional declines in the cryptocurrency markets. BTC has lost all of the gains it made during the bull run in 2021 and is now at its lowest point since November 2020. After the disaster that could severely harm cryptocurrencies, confidence in the markets and key industry players has decreased.