Last week the centralised crypto exchange FTX (FTT) imploded. When the smoke cleared, the remnants of the crypto market were a sight for sore eyes. Investors were in bits trying to decide where this left the rest of the crypto world.
Since the collapse of FTX, questions have zoomed back and forth across platforms and newsrooms; How will crypto recover? Will this be the end of crypto as we know it? Which exchanges and coins will be able to make it?
Now that a week has gone by, everything has unravelled nicely, revealing FTX’s former CEO, Sam Bankman-Fried (known by his initials SBF), as the “Wolf of Crypto Street”. Bankman-Fried has been shown the door and a long list of enquiries and lawsuits. It’s an expensive lesson to learn for the wider crypto community as well as investors affected by the crash of FTX.
Despite the harsh market conditions and major coins like Bitcoin finding a two-year low of $16,000, hope for crypto has survived. Some experts are looking forward to a future where regulation and transparency are tantamount to crypto investment and how the FTX crash will speed up this process.
But what would the future hold for cryptocurrencies like Big Eyes Coin (BIG) and crypto exchanges like Binance in this newly regulated and transparent market?
Business as usual for Binance – CEX vs DEX
Binance has announced that since the crash of FTX, it has been business as usual.
However, the CEO and co-founder, Binance Changpeng Zhao, has publicly called for the beginning of a new chapter for crypto in the form of a global association to formulate industry standards. This call came in the form of a primer which outlined the “Six Commitments for Healthy Centralised Exchanges”. Here are the six main points that Zhao, the CEO of Binance, fleshes out in his post;
- Be risk-averse with user funds
- Never use native tokens as collateral
- Share live proof of assets
- Keep strong reserves
- Avoid excessive leverage
- Strengthen & Enforce Security Protocols
Binance is currently beginning the process to become as transparent and regulated as possible, starting with showing “live proof” of assets by sharing details of hot and cold wallet addresses. The Binance blockchain appears to have been ready for a crash like FTX, and its swift action shows that it can align itself with new regulations and standards of transparency. However, Binance has also developed a DEX (decentralised exchange) which, although not as popular as Binance CEX at the moment, could draw more customers in light of recent events and centralisation anxieties.
Can Big Eyes Coin Presale Grow despite the crypto crash?
It looks like the crypto winter is becoming icy for the rest of the crypto community. However, one thing is certain the winter will not last forever, and investors are bound to be interested in the Big Eyes Coin project. This is because its presale offers investors the opportunity to get guaranteed gains on their investment when the coin eventually launches.
Before the FTX collapse, Big Eyes Coin presale was growing strong, with $10 million raised and a top-tier CEX secured. The FTX collapse will no doubt slow the pace of the presale. However, it will also drive crypto investors to concentrate on the coins that are built for decentralised and regulated finance. Big Eyes ticks both boxes as it is an audited project already CEX secured, and its aim is to move wealth into the Defi and positively impact the environment.
https://www.youtube.com/watch?v=DxAjrXI_1uw
Experts predict that alongside transparency and regulation, environmentally sustainable coins will define the future of crypto. Big Eyes Coin has integrated sustainability and transparency into its community token through the use of its visable charity wallet, where it will hold 5% of its tokens earmarked for charities protecting marine life.
For new emerging exchanges and coins like Big Eyes Coin, the timing of the FTX collapse is helpful. They can use the coming months to adjust their coins and systems accordingly and prepare for a market that will become even more regulated and transparent in the future. As for Binance, it’s already taking steps to address its inherent issues. It looks like it will be able to reassure its customer base that it will not be going the same way FTX went.
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For more information on Big Eyes Coin (BIG) and its community, please visit the following links
Big Eyes on Youtube: https://www.youtube.com/watch?v=DxAjrXI_1uw
The Big Eyes Coin Presale: https://buy.bigeyes.space/
The Big Eyes Website: https://bigeyes.space/
The Big Eyes Telegram: https://t.me/BIGEYESOFFICIAL
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