The collapse of cryptocurrency exchange FTX was one of the sector's “biggest calamities,” according to analysts at Stifel GMP. In the aftermath, Bitcoin hit a 24-month low in November, and the price of Ethereum is down 65% year-to-date.
However, the problems are solvable, the analysts argued in a pair of notes published Thursday.
“It's important to recognize that the root of this mess mainly stems from the mismanagement of customer funds by bad actors and a lack of regulation/oversight,” Stifel said, seemingly referring to FTX founder Sam Bankman-Fried, among others.
Lets all help and do our part to have a healthy crypto environment!