Crypto Is Dead, Says Mizuho’s Senior Analyst

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Alex Dovb­nya

Dan Dolev, senior ana­lyst at Mizuho Amer­i­c­as, is con­vinced that the cryp­tocur­ren­cy indus­try won’t be able to recov­er from the cur­rent crisis 

Dan Dolev, senior ana­lyst at Mizuho Amer­i­c­as, believes that cryp­to is now “dead” fol­low­ing the col­lapse of the FTX exchange. 

The stark warn­ing comes after the total cryp­to mar­ket briefly dropped to $736 bil­lion, the low­est fig­ure since ear­ly 2021. Rough­ly a year ago, the entire cryp­to mar­ket cap was at a record $3 trillion. 

Back in May, Dolev stat­ed that cryp­tocur­ren­cies were not a pro­duc­tive asset dur­ing an inter­view with CNBC.   

COIN is a “waste of time” 

Dolev is bear­ish on the stock of Coin­base, the lead­ing U.S. cryp­tocur­ren­cy exchange. 

As report­ed by U.Today, COIN recent­ly plunged to a new record low of just $40.61, col­laps­ing more than 90% from its record high. 

The ana­lyst pre­dicts that investors are going to be “very, very scared.” 

Cen­tral­ized cryp­tocur­ren­cy exchanges are reel­ing from the col­lapse of the FTX exchange that sent shock­waves across the invest­ment com­mu­ni­ty. Coin­base has attempt­ed to dis­tance itself from the dis­as­ter, but its shares were still hit hard by the crisis. 

Coinbase’s stock was recent­ly down­grad­ed to neu­tral by Bank of America.

In a research note pub­lished ear­li­er this week, Dolev opined that the col­lapse of FTX would actu­al­ly do very lit­tle to help its rivals, adding that the black swan event marked “a dete­ri­o­rat­ing industry.”



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