Following the recent FTX disaster, it’s been revealed that more voices in the crypto space believe that the crypto use cases are still strong. Check out the latest reports below.
Crypto use cases are still strong
It’s been just revealed that the CEO of USD Coin (USDC) issuer Circle says that the concept of crypto offering more transparency than traditional finance is still going strong amid the current fiasco in the industry.
In a new interview on Yahoo Finance Live, Jeremy Allaire says that the blockchain-based decentralized system that came out of the 2008 financial crisis continues to remain strong.
He believes that the problem is that centralized entities now dominate the crypto space.
“The irony here is that some of the biggest financial institutions that have been built up in the crypto space are very centralized and opaque.”
He continued and explained the following:
“Most of them operate offshore without any real regulatory supervision and frankly, most of them focused on creating platforms for speculators and creating platforms that are fundamentally focused on people who are speculating on digital tokens, so that is certainly not what the promise of this technology represents.”
What’s next for Bitcoin
A popular crypto strategist is mapping out what’s in store for Bitcoin (BTC) after the implosion of crypto derivates exchange FTX.
Pseudonymous analyst Cred said that in the aftermath of FTX’s collapse, only two price levels matter for Bitcoin.
“The first is this $20,000 price cycle high, which [has been] our range low for a few months. The next is this pre-bull market breakout shelf closer to $11,000 or $12,000.”
He continued and said the following:
“If the breakdown fails and [BTC] ends up reclaiming the level [$19,300] where the breakdown took place, that would suggest that the market wasn’t willing to accept those lower prices.”
At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $16,750.