Cryptocurrency Market Referred to as Scam And Garden of Snakes

It has been a bad week for cryptocurrency coverage as one piece and tweet after another details the controversy surrounding FTX. There are multiple figures have criticized the market and referred to crypto as a scam and suggested that it is a garden of snakes.

SBF has been arrested and charged recently and the fallout has allegedly cost customers billions of dollars. Positivity surrounding the market has plunged recently with many who now view it in a negative way. Not only has SBF been recently arrested but it also looks like Binance is also being allegedly investigated and they've seen a significant outflow of cryptocurrencies recently from their platform as well. They've seen almost $2 billion in withdrawals within around 24 hours.

While the media coverage of the situation and various comments on there being snakes or scams might be overwhelmingly negative, those views also might not be doing much to convert those individuals out there who are convinced of this space already.

One recent study apparently showed that for crypto holders that the situation surrounding FTX has not done much to pierce their optimism overall. For those who don't understand blockchain, cryptocurrencies, bitcoin etc, it might not take much negative coverage to sway opinion on the matter either.

Pics:
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This is not financial advice.