'Centralization' and 'leverage' fed Crypto Winter, but Bitcoin will regain its losses - Hong Fang CryptoWinter bitcoin Cryptocurrencies
- The so-called Crypto Winter of 2022, which saw massive drawdowns in crypto portfolios and the failure of firms like 3AC, Celsius, and FTX, was largely due to overleverage and too much"centralization," said Hong Fang, CEO at Okcoin.
However, Fang emphasized that Bitcoin, despite its price decline of 65 percent over the year, will regain its lost ground. In 2020, the U.K.'s Financial Conduct Authority came out with similar rules, prohibiting the sale of crypto-related derivatives to retail consumers. This affected firms like Binance and FTX, which provide such products.
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