The statement released by Bankman-Fried following the failure of FTX

In a series of tweets, Sam Bankman-Fried, the Chief Executive Officer of FTX, expressed his regret for the recent series of unfortunate incidents. He stated that on that day he initiated the voluntary Chapter 11 processes in the United States for Alameda, FTX US, and FTX.

According to this information, it is now unknown whether one million FTX clients would ever get their money returned. On the other hand, the market for cryptocurrencies now has a big hole with the collapse of the titan.

Despite the crash of FTX, the cryptocurrency market continues to be stable.

The cryptocurrency market has not paid much attention to the news that FTX has filed for bankruptcy since the announcement was made. After a challenging week, Bitcoin and most other key assets have shown relatively little variation over the past 24 hours. This comes after the markets saw tremendous volatility throughout the previous week.

It's possible that the market for cryptocurrencies has already adequately responded, wiping off twenty percent of investors' wealth, or two hundred billion dollars, in a little over a week. At the time of publication, the price of one bitcoin is 16,888 USD, which is a decrease of 0.4%, and it has a market worth of 324 billion dollars. After a 25% drop in value over the previous week, it is fascinating to notice that the price of Ether (ETH) has increased by 1.69% over the past day as investors try to benefit from the bottom.

Mike Novogratz, an expert on Wall Street and the founder of Galaxy Digital, made those remarks to CNBC when addressing the bankruptcy of FTX. He believes that this will be detrimental to the sector. Trust is essential to the operation of the system.

The FTX disaster is significantly worse for the infrastructure of the cryptocurrency business, which enables users to buy and sell coins, lend coins to one another, and advertise bitcoin. Novogratz, on the other hand, is of the opinion that now, when there is blood on the streets, may be an advantageous time to buy.

According to JPMorgan, the failure of FTX may have functioned as a stimulant for the utilitarian value of cryptocurrencies as it caused the price of bitcoin and other cryptocurrencies to rise. They went on to explain that the latest crashes were all the fault of centralized players, not decentralized protocols.