In a recent note, JPMorgan analysts opined that the ongoing cryptocurrency crisis could actually move the cryptocurrency industry two steps forward.
The leading U.S. banking institution believes that the sudden implosion of the FTX cryptocurrency empire is likely to make regulators speed up cryptocurrency rules.
According to JPMorgan, the establishment of a comprehensive regulatory framework would be a boon for institutional adoption.
The bank also noted that all recent cryptocurrency collapses were from centralized industry players and not from decentralized protocols. This could potentially bode well for the decentralized finance (DeFi) sector.
Tomiwabold OlajideEarlier today, the price of the largest cryptocurrency kept collapsing after the embattled cryptocurrency exchange filed for bankruptcy.
Binance CEO Changpeng Zhao recently predicted that the current cryptocurrency crisis could exacerbate, comparing it to the 2008 financial crash.
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Yuri Molchan
Tomiwabold Olajide
Dan Burgin
Vladislav Sopov