Home
News
The American based investor and entrepreneur Anthony Pompliano was upset at particular cryptocurrency companies that refused to share accurate information about crypto assets with their own users. The entity’s mistake caused the users to lose their assets on crypto platforms. Anthony felt bad for allowing certain entities to do promotions on his Twitter account.
“I wasn’t the only one that was fooled, though. The best investors in the world, along with millions of retail users, were all doomed. It is unclear whether this was malice or negligence, but it is wrong either way.”
In the past, Anthony Pomppliano was a huge supporter of bitcoin. After watching FTX’s downfall in the crypto market, he tweeted that bitcoin has the chance to grow more in the upcoming years. He also added that this week’s crypto market boom was a bad dream for investors and users who lost half of their crypto assets.
“Based on my conversations over the last 24 hours, people are drastically underestimating how much damage has been done this week to institutional interest in both bitcoin and the broader crypto ecosystem.”
The downfall of FTX has had a huge impact on the crypto market. The largest cryptocurrency, Bitcoin, is facing this effect. The popular banks in America have estimated that there is a high chance that Bitcoin will drop its production cost up to $15,000 (USD). JP Morgan, one of the researchers, believed that FTX fluctuation would have an impact on bitcoin’s price in the coming weeks.
The United States Securities and Exchange Commission (SEC) has started an investigation on how FTX manages the users’ funds and its crypto lending activities. Now the regulations are on how FTX manages the users’ funds and its crypto lending activities. Now the regulators are examining whether FTX maintained securities laws by keeping users’ crypto assets separate or whether it traded against the users.
Anthony tweeted that “When the confidence game is over for the crypto industry, the market comes back to bitcoin.”
Arthur Hayes, co-founder of BitMex, stated that it will be a difficult task to get a bail for the FTX, maybe it will take time for users to recover their frozen funds on the FTX platform. He further added that the major cryptocurrencies like Bitcoin, Ethereum, and Solana may be affected due to their price surge.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
