Cryptos Second-Richest Billionaire Believes the Digital Asset Market Has Bottomed Out Heres Why

FTX CEO Sam Bankman-Fried is considering the state of cryptocurrencies after the unstable moon in the market.

Bankman Fried in an interview with Real Vision To tell Host Raul Pal noted that other investment classes have also recently experienced shakeouts, saying prices may have finally bottomed out.

“I don’t know the special reason why we couldn’t be at the bottom. And we’re definitely not saying we’re at the bottom, but the rewind that had to happen Obviously, last month was very annoying.

One of the interesting things is that this is not just a cryptographic phenomenon.If you look at what’s happening in the market, you’ll see that the same is happening with technology. [and] To some extent it’s happening throughout the ecosystem, and basically there’s a huge retracement of all the profits that happened in the market in addition to last year. “

Forbes CEO Rank Second in the list of wealthy crypto personalities, the latest market annihilation is due not only to raising interest rates, but also to setting them higher than most investors would expect.

“It was like the Fed’s cause. Initially, with the expectation that prices would finally start to rise, and [then] It’s rising more than people expected.

But at this point, I don’t think the flow seen in the market is in line with what the 3% interest rate usually represents. “

Bankman-Fried draws conclusions with the following in mind: Bitcoin (BTC) The fall below $ 30,000 in early June may have been due to broader economic factors and not limited to issues within the crypto space.

“I think Bitcoin’s dropdown to $ 30,000 is actually economically driven and driven by macros.

It wasn’t very crypto-specific. “

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