The announcement of Binance’s withdrawal from rival FTX acquisition could mean institutional investors deciding to withdraw from the crypto industry, said Jay Jog, co-founder of Layer 1 blockchain Sei Network.
“Many regular users will lose money. So this will be catastrophic for the ecosystem in the short term” and confidence in the crypto market will decline in the short term. both from an institutional perspective and from a microscale perspective,” he added.
Mark Fidelman, founder of SmartBlocks, once said: “If the deal between FTX and Binance doesn’t happen, we’ll have to see other big players come in like Coinbase to bail them out. Otherwise trust will disappear from the crypto market and we will all suffer for at least 6 months to 1 year.”
“This could affect other players in the crypto space with assets linked and connected to FTX,” said Dan Edlebeck, head of ecosystems at Sei Network.
“Whatever the outcome We don’t think it will cause institutional investors to pull any money out of this sector significantly,” said Kevin March, co-founder of leading brokerage firms. Cryptocurrency “Floating Point Group” Says “Whoever Is Here Right Now and wants to stay … We are still having conversations with interested institutions and trying to figure out how to enter the market this week,” he added.
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