“The fact that the market has rebounded leads me to believe that this was at least partially priced in,” Joshua Franklin, CEO and co-founder of digital asset information services platform The Tie, wrote in an email to CoinDesk. “No one is surprised by Gensler's actions.”Ether also spent much of Tuesday on the upswing to trade near $1,900, a 4% gain from Monday, same time. BNB, Binance’s exchange token, which dropped about recently rose about 2% a day after plunging more than 10%.
The Tie’s Franklin noted that institutional investors remain ambivalent months after crypto exchange FTX’s spectacular collapse in November and the increasingly harsh U.S. regulatory environment.“Many funds that invested in FTX got burned, and some partners that led their firms' FTX deals were fired,” Franklin wrote. As a result, many VCs are feeling nervous to enter crypto.
Franklin added that even hedge funds that were not-too-long ago accelerating their participation in the crypto space faster than any other institutional group, have also applied “the brakes,” amid concerns about regulation, a lack of credit and “viable venues to trade on in the U.S.,” limited custody options and angst about doing business with digital asset firms that may not survive in the wider crypto contagion.
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