- The Cardano ecosystem has recorded unprecedented growth with the number of wallets increasing by 33,097 in the past week.
- On November 7, the decentralized wallet had a total of 3,638,425 wallets while as of November 13, the figures had increased to 3,671,522.
The FTX crypto exchange collapse saw the crypto market crashing one more time with Bitcoin still down by 19 percent in the last 7 days. The bloodbath in the market made no exception to altcoins as Ethereum is currently down by 20 percent with Solana also down by 54 percent in the last seven days.
According to Cardano co-founder, Charles Hoskinson, investors should expect more fallout from Sam Bankman-Fried’s crypto exchange. Also, this huge impact could force lawmakers to devise new regulations for the digital asset market. In a video update, Hoskinson clarified that the failure of the exchange has nothing to do with the crypto itself, but with the people around it.
Crypto didn’t fail. People failed. People in positions of trust. At the end of the day, as much as we like to believe in the principles of cryptocurrency, this had everything to do with people putting their money in centralized exchanges and organizations entrusting centralized businesses to do something on their behalf.
Cardano co-founder sees a new world for crypto after FTX drama
In his submission, the Cardano co-founder explained that the crypto ecosystem is seeking to replace the centralized infrastructure. Unfortunately, the FTX drama could affect other crypto firms and force companies based in the US to go through very tough regulations.
This is unfortunately the consequence when you have people who don’t know what they’re doing get into positions of power and trust and create cascading and catastrophic damage. This is just the tip of the iceberg. If you look at the financial relationships that FTX had, as we go down the list, it could create a cascade of insolvencies and unfortunately crypto doesn’t get a bailout, but our competitors do…
The Cardano ecosystem has recorded unprecedented growth with the number of wallets increasing by 33,097 in the past week. On November 7, the decentralized wallet had a total of 3,638,425 wallets. As of November 13, the figures increased to 3,671,522. This huge shift could send the price to $5 when the market regains confidence.
— Adria🌊 Pool | NuNet (NTX) ISPO (@AdriaStakePool) November 14, 2022
According to Hoskinson, the current market situation would not break down the industry but would make the crypto ecosystem much stronger in the future. However, the industry would have to face a new standard with non-custodial wallets no longer permitted in the United States in the future. Hoskinson also believes that there could be a new world where every crypto except Bitcoin would be labeled as a security.
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FTX] could end up being the straw that breaks the camel’s back, and changes, at least in the short to mid-term, how cryptocurrencies work in America. In particular, it changes the appetite lawmakers have for giving the industry a pro-growth freedom mandate.