CryptoCompare: FTX default will continue to affect the industry in 2023

Analyst firm CryptoCompare has published a fresh report on the cryptocurrency industry in 2022, where it noted that the market will need some time to fully recover from the effects of the collapse of the FTX crypto exchange.. The exchange was financially connected with a large number of companies, therefore, according to experts, in 2023 we will see more bankruptcies. Nevertheless, the situation with FTX, analysts write, will definitely push crypto companies to work on the sustainability of their business.. Therefore, next year more attention will be paid to projects and protocols that will offer effective ways to save money.. Also, more investment will be made to create applications that meet the requirements of the market, and not just for marketing reasons or to imitate popular ideas. Of course, they say in CryptoCompare, it will not do without strict regulation – supervisory authorities will seek to protect investors. Perhaps the development of global rules for the industry will go far. Analysts believe that the rules will become more effective if they separate centralized and decentralized projects – after all, most of the failed companies belonged to the first category. “In 2022, we were rapidly moving towards a bearish trend in the market and finally reached it. This is a good opportunity for market participants to stop, think and draw conclusions about the development of the industry, as well as adjust plans for the future,” CryptoCompare analysts write. Previously, experts from the Nansen analytical company reported that the events that occurred with Terraform Labs in the spring and the current situation with FTX and Alameda Research are interconnected.