According to Binance CEO, the cryptocurrency market will manage to “recover” despite the collapse of FTX.
Changpeng Zhao, CEO of Binance, in the cryptocurrency industry long-term He emphasized the importance of thinking in the following words:
“We need people in the industry to support people who are actually good, even though they will hurt the industry in the short run.”
Despite this statement, Zhao “We can’t save everyone” said and “If a project is poorly managed in many ways, we can’t help them anyway.” he added.
The collapse of FTX led to a massive drop in the price of cryptocurrencies. This situation was also reflected in the global cryptocurrency exchanges. Binance’s CEO said the following about this situation:
“We see that whenever prices go down, users start to withdraw more money. This is a normal case.”