Following the popular crypto exchange FTX’s fall, several occurrences have happened in the crypto industry that have been enough to unsettle the crypto community and mess with their faith in crypto currency.
Many members of the community have started speculating and are waiting for yet another crypto exchange to meet its end very soon. Crypto exchanges, who are the recipients of these speculations, have come forward to try to allay the fears of the community, but quite apparently, it is doing little to no good.
Crypto Community Under Serious Panic
It is certainly no secret that times have not been really good for the crypto industry recently. Ever since the fall of the famous crypto exchange, FTX, a couple of not-so-pleasant occurrences have occurred so much that an overwhelming fraction of observers have predicted that this might be the end of the crypto industry.
The icing on the cake has to be the very recent fall of the popular crypto platform BlockFi, which declared that it was going bankrupt. The platform has put a hold on withdrawals by customers, which is pretty much what every bankrupt crypto exchange has done.
Since the news was made public, it has successfully heightened the fear in the hearts of the crypto community. Many crypto traders have taken to their social media pages to predict which exchange is going to follow suit.
A number of predictions have been made, and even the largest cryptocurrency exchange, Binance, was not left out. As a matter of fact, Dylan Leclair, the famous 20-year-old analyst of the bitcoin magazine, has taken to the public to explain his view on Binance.
According to him, it appears as if the fund-raising spearheaded by Binance is just a mere facade and nothing but a disguise.
Whether these speculations are true remains a mystery, but the truth remains that the wholesale community now has their hearts in their mouths.
Crypto Exchanges Debunk Rumours Of Insolvency
Ranging from Kucoin to Nexo, a host of other crypto exchanges have made public statements assuring their user bases that they are not under any threat of bankruptcy whatsoever.
It appears, however, that they are having a pretty hard time doing the convincing.
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