The president of cryptocurrency exchange FTX US, Brett Harrison, agreed that the current state of the cryptocurrency market is not particularly satisfactory. However, he believes that the bear market has similarities to the previous ones, and in the future, the industry will address its issues.
Flowing Capital will boost the crypto sector
Driven by a number of macroeconomic factors, the digital asset market has seen a significant drop in recent weeks. For one, the price of bitcoin dipped below $18,000 over the past weekend – a level not seen in the past 18 months.
The President of FTX US – Brett Harrison, however, is not too concerned about the downside. In a recent interview for CNBC, he argued that people have short-term memory because bear markets have happened before, and bitcoin has always been dominant.
American further added that the current “cryptocurrency winter” is similar to those years ago, including the one in 2018.
Harrison thinks that a propeller for a new bull market will be venture capital firms that have begun deploying huge sums of money into the industry:
“We still have a significant amount of venture capital in crypto, which we think will strengthen the ecosystem as these companies come up with new products and new services, and it will ultimately bring the crypto world back.”
Subsequently, Harrison highlighted the nature of bitcoin and the fact that central banks and governments do not control it. It has emerged as a store of value that can be transferred “safely and instantly” anywhere around the world, he underlined.
FTX US Ambitions
Last month, Harrison said that his cryptocurrency platform would seek approval from the Commodity Futures Trading Commission (CFTC) to offer BTC and ETH futures options to US customers. According to the executive, the initiative can improve the company’s potential profits:
“For most clearing houses today, margining is done once per day, five days per week. We are proposing to do it every 30 seconds, 24/7, and this is a new aspect of our application.”
Harrison described the CFTC as a “principle-based” watchdog regarding digital assets. He revealed that talks between the two sides have been positive so far, giving hope for a successful outcome of the effort.
Previously, FTX US launched a new stock-trading service for a limited number of users in the states. At a later stage, the firm plans to offer the opportunity to all US clients.
PrimeXBT Special Offer: Use this link to register and enter code POTATO50 to get up to $7,000 on your deposit.