Experts, who expect the chaos to continue until a safe environment is established in the crypto markets, warns that the crises are preparing the ground for a monopolizing structure. Experts point out that with the crisis, Binance’s influence in the market has increased and it has become a more monopoly structure. For the crypto money markets, which have been losing value for a while, November has created a leaf fall effect.
The tension between Binance and FTX at the beginning of the month has moved to a completely different dimension in the second week, with the resignation of FTX CEO Sam Bankman-Fried and the company’s bankruptcy proceedings.
It did not take long to see the possible domino effect in the markets. BlockFi, which had previously experienced a liquidity squeeze due to the loss of value in cryptocurrencies, got rid of this situation by making a 400 million dollars loan agreement with FTX in July. However, it is stated that BlockFi is also in the process of filing for bankruptcy.