It might be an exaggeration to suggest that cryptocurrency traders are going through an existential crisis, but there is no doubt that they have been shaken by the collapse of FTX and subsequent discussion of potential weaknesses in the structure of the crypto market.
One of the most lively debates has been on the extent to which elements of spot FX market infrastructure could be usefully replicated in this environment. There are already a number of similarities between the crypto and FX markets, such as the decentralized nature of trading.
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