As the crypto price crashed amid the FTX fiasco, the media channels that rammed paid programming for crypto promotion refused to utter anything on the crypto meltdown. India’s fake crypto evangelists have now frozen in response to the FTX fiasco wherein the exchange’s collapse leaves the crypto market in the lurch.
Notably, after crisis-struck cryptocurrency exchange FTX crashed and filed for US bankruptcy, the price of major crypto coins is plummeting, endangering several people’s hard-earned money that they have invested in cryptocurrencies through exchanges like FTX.
Speaking to Republic over FTX collapse, an expert in the Indian Financial market, Ajay Bagga said, “The crypto coins they have nothing underline. It’s based on demand and supply. Whenever there is more demand, people are putting in money, the price would go up. The technology of blockchain is useful. What is built on it are tokens and coins. There is a question mark on their actual and fundamental value. Because fundamentally, you cannot really value it, there is no case flow, there is no asset, and there is no business. So it was more a demand-supply. What has happened is, a very big exchange, the number 2 exchange globally for trading crypto (on whose) 130 companies’ structure that was built on it— FTX has gone bankrupt.”
‘The risk is now of contagion’: Indian Financial Market expert Ajay Bagga
Adding further Bagga said, “What was getting valued about two months back at ₹$32 Billion…
