Bitcoin and crypto not going anywhere soon despite market turmoil: Community

Despite crypto markets standing on a downturn, people from the community have expressed their undying belief that Bitcoin (BTC) and crypto are not going anywhere soon. 

Despite the FTX and Alameda Research debacle highlighting issues inside the crypto market, a residential area member advised others to not be stressed. The Twitter user contended the crisis was just a black swan event that just FTX Chief executive officer Mike Bankman-Fried (SBF), Binance Chief executive officer Changpeng Zhao along with a couple of others might have seen coming. The city member believes that regardless of this, crypto continues to be not going anywhere soon.

As the current condition from the market left people feeling exhausted, some remain hopeful and reaffirm their passion for crypto. A residential area member tweeted:

Meanwhile, crypto analyst Michaël van de Poppe also shared his ideas around the crypto market’s trajectory. Based on Van de Poppe, things will improve continuing to move forward. Citing Mt. Gox, Luna and FTX, the analyst highlighted that errors need to be made to be able to enhance the system. “It might seem like we are around the fringe of collapsing crypto entirely, but Bitcoin and crypto are not going anywhere soon,” he authored. 

Related: FTX-Binance standoff highlights the requirement for obvious rules — Sen. Lummis

With fears of the contagion plaguing the crypto market due to the recent FTX and Alameda debacle, executives from prominent crypto firms have assured their users which have no contact with the troubled firms. Tether chief technology officer Paolo Ardoino, Circle Chief executive officer Jeremy Allaire and Coinbase exchange Chief executive officer John Lance armstrong all required to Twitter to eliminate any FUD which are surfacing among the FTX crisis.

On November. 8, Binance and FTX announced the firms will work a proper transaction that aims to assist FTX using what Zhao referred to as a “significant liquidity crunch.” The Binance Chief executive officer also expressed their intent to completely acquire FTX which help cover the liquidity issues.

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