Obviously, it's very bad for us, as we can see the market has been affected as the price goes down hard
Second, there is a call for everyone to move out their funds on exchanges, so this is not good for exchanges image as well. Although CZ has try to start a movement called proof of reserves but not sure how this will sit with customers.
Third, investors will shy away from putting their money on the next supposedly hype crypto exchange. And with that I doubt that we will hear another exchanges that will have a lot of big investors, wall streets, sports personalities and celebrities as they will not trust anyone with that sales pitch.
Second, there is a call for everyone to move out their funds on exchanges, so this is not good for exchanges image as well. Although CZ has try to start a movement called proof of reserves but not sure how this will sit with customers.
Third, investors will shy away from putting their money on the next supposedly hype crypto exchange. And with that I doubt that we will hear another exchanges that will have a lot of big investors, wall streets, sports personalities and celebrities as they will not trust anyone with that sales pitch.
It's very bad in the sense that regulations will become tougher than ever. This will introduce a number of obstacles between exchanges and customers themselves. While this should make crypto more "legitimate", it greatly defeats its original purpose of being middleman-free (which in turn gives you financial freedom). I can't imagine how centralized the crypto industry will become in the future as governments continue to exert pressure against it. We've seen how most altcoins turned themselves to PoS, due to "environmental concerns". With this and ever-tightening regulations, crypto would become no different than traditional banking.
At least, crypto market prices won't stay down for long. Long-term speaking, people will forget all about the FTX collapse and the Terra implosion, just like it happened with Mt. Gox back then. No one knows what the future holds for crypto/Blockchain tech so we can only hope for the best. Just my thoughts
