Cryptocurrency Prices Rise! Reliable Exchange Become Harder To Find
Decision after decision is being made about exchanges by the Federal Reserve, the IMF, and the European Union. Many exchanges cannot survive because of the coins they host or their policies. What will be the impact of this decline in the number of exchange?
Everyone Is Looking For A Reliable Exchange
The FTX crisis in America is interpreted as the bankruptcy of the second largest cryptocurrency exchange in the world. In fact, this situation was interpreted as an obstacle for ordinary people to access cryptocurrency.
It is still perceived as a very serious problem, as it is an obstacle for anyone who reliably trades cryptocurrencies. At the same time, this situation has also shaken the crypto economy. The crisis has caused the loss on crypto markets to grow to an estimated $2 trillion since the beginning of the year. Authorities warned investors to use exchanges with accessible liquidity information.
How To Find A Reliable Exchange
Following the liquidity crisis, the collapse of the world’s second-largest cryptocurrency exchange and the filing for bankruptcy protection deeply shook cryptocurrency markets. Since the beginning of the year, crypto markets have lost an estimated $2 trillion due to the impact of the crisis, while investor sentiment has reached “severe panic.”
Kevin Yang, chief financial officer of MEXC, said in a statement, “The bankruptcy filing of an exchange operated by a well-known and respected name in the crypto ecosystem has shaken the confidence of ecosystem participants. During this time, investors should safely trade on transparent and liquid exchanges.”
The Crisis Has Triggered A Domino Effect
Kevin Yang recalled that 130 subsidiaries of the exchange were also part of the bankruptcy filing, “During the process, we have seen other exchanges that do not have a stable foundation and are tied to the exchange’s local currency cease operations. Even a bailout fund company has filed for bankruptcy protection in recent months. This disaster has created a domino effect.”