Cardano co-founder Charles Hoskinson has said the collapse of FTX cryptocurrency exchange might be the last of the crises in the digital assets space. He also noted that it will have a ripple effects on other ecosystem players. However, Hoskinson did not sound cynical and added the crisis cycle seems to be ending.
He made these observation while speaking on a webcast on November 9. He noted that the FTXs meltdown may be hinting at the bottom of the current crypto winter.
FTX collapse mirrors market events similar to the Terra (LUNA) ecosystem crash that impacted companies like Three Arrows Capital and Celsius Network.
“I think this might be the bottom, one of the last ones to deal with. There are not many like FTX or Alameda, Three Arrows Capital, and so forth. At least in this cycle, I truly hope this is the last cycle of this nature,” quipped Hoskinson.
Noting that the FTX takeover by Binance is no solution or a silver bullet, he said there are many things to happen for a total catharsis in the market. Hoskinson acknowledged that the one of the positive fallout of the collapse of FTX could be a regulatory push and new scrutiny.
Hoskinson expressed the hope that the despite the negative vibes from the FTX crash, the market will recover on the strength of many underlying projects and technology in progress.
