The Crypto Bear Market Could Have Been Much Worse

After Jerome Powell’s remarks at the Jackson Hole Economic Symposium, the price of bitcoin dropped. The asset’s price dropped by almost 6% over the previous week. Bitcoin increased by 2% the previous day, outpacing volume from the day before, and reaching a high of $20,000. Part of the losses from Monday has been recovered by the largest cryptocurrency by market cap.

Sam Bankman-Fried, chief executive officer of FTX, remarked that in terms of asset prices, the crypto winter might have been considerably worse. The sector, according to the billionaire investor, needs competent regulation, and it makes little difference who does it.

He also discussed the many investments his companies had made in cryptocurrency firms. Bankman-Fried claimed that while some rescue investments were successful, others fell short of expectations.

Things will be in control

Even though Bitcoin’s price once again dropped below $20,000 to start the week, the FTX CEO thinks things won’t get too terrible. According to Bankman-Fried, the Bitcoin price situation could have been worse in an interview with Bloomberg. 

According to the investor, he is not concerned about the business collapsing any time soon. He labeled the outcomes of investments totaling $1 billion in a crypto bailout as “mixed.” The CEO emphasized that the funding was provided with the goal of assisting cryptocurrency startups, not profiting from transactions.

The investor said that in order to gain support for the cryptocurrency ecosystem, he is actively lobbying Congress in Washington. He responded that it would not really matter when asked about the lack of clarity regarding which regulatory authority may monitor crypto businesses. The Securities and Exchange Commission or the Commodity Futures Trading Commission could regulate the sector, he continued, and that would be great with him.

“What we’ve tried really hard to do over the last year is get the industry to a place where it is happy to accept sensible regulation. I believe tensions have cooled somewhat between regulators and the digital currency companies.”

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