Jesse Powell, co-founder and former CEO of cryptocurrency exchange Kraken, has predicted that the upcoming Bitcoin halving can trigger the start of the next bull market.
Powell, who appeared in an episode of the Bankless podcast, talked about the overall state of the crypto industry following the unprecedented collapse of FTX and speculated what could propel the space out of the ongoing bear market."It’s just a massive hit to lose $10 billion in capital from this industry.
To have that just stolen away, that could’ve gone to great stuff and moved this industry forward. So that’s going to take some time to recover from," he said.
Powell added that the fallout of FTX delivered billions in losses to many retail users as well as institutions, leaving the crypto industry with a reputation to repair, which will ultimately take some time.Read more on cryptonews.com