Crypto billionaire Sam Bankman-Fried says more exchanges will fail: 'There are companies that are basically too far gone'
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FTX founder Sam Bankman-Fried says third-tier crypto exchanges are already insolvent. Bitcoin, the largest cryptocurrency by market value, lost 58% of its value in the second quarter of the year. Bitcoin led the slide of the overall cryptocurrency market, whose market valuation now sits below $1 trillion. Dallas Mavericks owner Mark Cuban previously described the current crypto slide as echoing the early 2000s dotcom bubble, when speculative investing inflated the valuations of internet-based companies over a 5-year span before a steep crash in 2001 and 2002. The space is currently stuck in an "imitation phase" where there are too many companies with too little new utility, Cuban said on Tuesday. He predicted that more companies will fail. Source