According to Mizuho’s Senior Analyst, cryptocurrency is gone.

Following the failure of the FTX exchange, Dan Dolev, senior analyst at Mizuho Americas, feels that cryptocurrency is now “dead.”

The stern warning comes as the overall cryptocurrency market momentarily fell to $736 billion, the lowest level since early 2021. Approximately a year ago, the total crypto market cap reached a record $3 trillion.

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During an interview with CNBC in May, Dolev argued that cryptocurrencies were not a productive asset.

COIN is a “time waster.”

Dolev is pessimistic about Coinbase, the major bitcoin exchange in the United States.

According to U.Today, COIN recently dropped to a new record low of $40.61, a drop of more than 90% from its previous peak.

According to the expert, investors will be “extremely, very worried.”

The collapse of the FTX exchange, which sent shockwaves throughout the financial world, has left centralized cryptocurrency exchanges reeling. Coinbase has sought to separate itself from the debacle, but its stock has suffered due to the situation.

Bank of America has lowered Coinbase’s shares to neutral.

Dolev said in a research report issued earlier this week that the collapse of FTX would assist its rivals very little, adding that the black swan incident reflected “a decaying business.”

Originally posted on U-Today

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