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Wealth manager Julius Baer says crypto entrepreneurs’ Twitter debates have contributed to a loss of confidence in their asset class, which has led to its “lackluster” performance. It is shown.
Carsten Menke, head of Next Generation Research at Julius Baer, said that with Bitcoin and Ethereum prices stuck in their recent ranges, with market caps hovering at $800 billion, the cryptocurrency market was “abnormally calm” over the holiday season. I was there,” he said.
In a statement to the media, Menke said two cryptocurrency entrepreneurs had “fought over locked funds on Twitter,” further shattering investor confidence.
Over the past few days, there has been a flurry of accusations on Twitter between executives at crypto exchange Gemini and crypto lender Genesis, which was hit hard by the FTX bankruptcy. News broke yesterday that Genesis is laying off his 30% of its workforce.
Nonetheless, Menke said the FTX collapse was clearly left behind, with both Bitcoin and Ethereum falling from their lows after the outbreak, adding another chapter to this crisis or adding another chapter to the U.S. dollar and U.S. interest rates. In the absence of new related headwinds, we concluded: , crypto left the worst behind.
However, he emphasized Twitter’s use in the crypto space.
“As proof of this point, a feud between two crypto entrepreneurs with over $900 million in locked crypto assets related to the FTX demise has been fought on Twitter over the past few days.
“Certainly, such actions do not restore much-needed trust in cryptocurrencies. , trust is lost.”
(Reporting by Imogen Lillywhite; Editing by Seban Scaria)
Imogen.lillywhite@lseg.com
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