“We’ve obviously been breaking big-figure levels and that’s been pretty critical. Sentiment sours the further down we go,” Malcolm said.
The crash has caused major problems in the crypto market. For instance, Celsius and Three Arrows Capital are the best examples of the high levels of stress in the crypto sector.
Celsius blocked withdrawals last week, and the Financial Times has reported that Three Arrows failed to meet demands by its lenders to stump up more cash to cover potential losses last week.
“There’s this narrative out there that crypto is extremely collaborative in comparison with trad-fi,” Malcolm said, referring to traditional finance. “And one of the things that’s become very apparent is that it’s sort of every man for himself now.”
“It’s difficult to think that we’re outta the woods for a whole lot of reasons,” Malcolm said. “The regulatory element, which is going to be the biggest hurdle for crypto, has yet to bite in any significant shape or form.”
