The First Great Crypto Recession Is Coming
Warren Buffett lent money to Goldman Sachs in the valley of the 2007-2008 great recession and calmed markets. Lehman Brothers was gone and many people were troubled. Buffett came out and said that he was still investing. That was a turning point for many.
A few hours ago, Binance was to act like Buffet on FTX, one of the largest crypto exchanges by volume. It has called it off. If the believers cannot find a Buffet of crypto, many bad things will happen. Indeed, FTX is largely a yoyo company and cannot meet its obligations, and if that happens, the domino effect will be the first Great Crypto Recession with no saviours on sight.
The crypto holdlers never want the government. I hope they can find a way out with FTX.
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The decision was reached after new findings were made about FTX’s state of finance, which revealed that it’s far worse than Binance had thought. Sources had told CoinDesk that FTX’s loan commitments raised concerns among Binance’s top brass. Binance also found out that FTX has “mishandled customer funds” leading to “alleged U.S. agency investigations.”