⛔ Stop guessing ⛔ Use our free stock screener to find new opportunities fast Try Free Screener

FTX Collapse Effect; One Time Crypto Fans Now Leaving the Industry

Published 2022-12-19, 07:15 a/m
© Reuters.  FTX Collapse Effect; One Time Crypto Fans Now Leaving the Industry

  • One time fans leave the industry post FTX, Voyager Digital , Celsius and Terra’s fall.
  • CryptoCompare revealed that crypto investors have withdrawn almost $20 billion in November.
  • The massive withdrawal has lowered the fund managers’ collective AUM in two years.

The FTX collapse had a dire effect on the crypto industry and crypto fans alike, as many one-time fans are now leaving the industry.

The year has been the toughest for the crypto industry as a whole. The bankruptcy of Voyager Digital and Celsius Network, and the dramatic collapse of Terra Luna sent shock waves amongst the crypto community. The final straw for one-time crypto fans was the collapse of FTX, one of the leading crypto exchanges.

All these events culminated in the worst ways possible. The result is Bitcoin falling 75% from its highest price last year.

A recent report by research firm CryptoCompare shows that crypto investors withdrew almost $20 billion in November, or about 15% of total assets under Crypto fund asset managers. The massive withdrawal has drastically lowered the fund managers’ collective assets under management (AUM) in two years.

Some crypto investors have even blamed the ‘absence of regulations’ for the mess.

Crypto saw a surge in prices and popularity post-pandemic.

The post FTX Collapse Effect; One Time Crypto Fans Now Leaving the Industry appeared first on Coin Edition.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.