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Home»News»According to the Analyst, There Are No Signs of Crypto Leaking Into Traditional Assets Just Yet
FTX logo is seen in this illustration taken, November 8, 2022. REUTERS/Dado Ruvic/Illustration
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According to the Analyst, There Are No Signs of Crypto Leaking Into Traditional Assets Just Yet

Saheel KhirodkarBy Saheel KhirodkarDecember 17, 2022Updated:December 17, 2022No Comments2 Mins Read
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The demise of FTX has reverberated throughout the cryptocurrency industry. The value of bitcoin and other major digital coins has plummeted as a result of the FTX issues.

According to an AJ Bell investment analyst, there are “no signs of spillover” from cryptocurrency into more traditional assets.

Millions of dollars were lost when the exchange FTX went bankrupt, raising concerns about whether crypto-related movements could reverberate through to other financial systems.

“Crypto has a lot of money, but it’s kind of built up as a separate ecosystem,” said Laith Khalaf, head of investment analysis, on “Squawk Box Europe” on Wednesday.

However, this does not rule out the possibility of future overlap.

“If we had a more system-wide issue you could start see it affecting other assets,” Khalaf said, “but I don’t really see that,” he added.

In two separate court filings in November, FTX’s lawyers stated that the company had more than one million creditors and owed $3.1 billion to its top 50 unsecured creditors.

After being arrested on Monday, the exchange’s founder and former CEO, Sam Bankman-Fried, was charged with defrauding investors on Tuesday.

A “highly volatile” investment?

Being such a volatile asset, Khalaf was hesitant to forecast where cryptocurrencies will go in the future.

“Bitcoin could be at $5,000 or $50,000 when we’re talking about it now next year. Because the market is so heavily influenced by sentiment, I just wouldn’t be surprised,” Khalaf said.

While there are some concerns about the long-term uptake of cryptocurrencies, Khalaf made one point very clearly.

Cryptocurrency “remains a highly speculative and volatile asset for the foreseeable future,” he said.

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Saheel Khirodkar
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Saheel works as a content writer for Bitnewstoday. He has always been interested in journalism and enjoys writing. Furthermore, His interest lies in cryptocurrency, and is continuously seeking for new techniques to invest. In his free time, he enjoys staying up to date on the latest industry news and spending time with his family.

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