Julius Baer Highlights Erosion of Trust in Crypto Twitter Disputes

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According to wealth manager Julius Baer, ​​crypto entrepreneurs broadcasting their disputes on Twitter are contributing to the loss of confidence in their asset class, which has manifested itself in its lackluster performance.

Carsten Menke, Head of Next-Gen Research Julius Baer, ​​said crypto markets have been unusually quiet over the holiday season, with Bitcoin and Ethereum prices remaining within their recent ranges, now the total market cap at $800 billion.

In a statement to the media, Menke said two crypto entrepreneurs arguing over locked funds on Twitter had further shaken investor confidence.

Over the past few days, accusations have been circulating on Twitter between the executives of cryptocurrency exchange Gemini and crypto lender Genesis, which has been hit hard by the collapse of FTX. News broke yesterday that Genesis was going to lay off 30% of its workforce.

Menke nevertheless concluded that with the FTX crash seemingly left behind and Bitcoin and Ethereum back from lows after it happened, unless another chapter is added to this crisis or there are new headwinds against the US dollar and US interest rates. , cryptos have left the worst behind.

However, he pointed to the use of Twitter in the crypto space: We have already commented on the heavy use of Twitter as the primary medium of exchange in the crypto space, which we consider a sign of the birth of the industry.

Proving the point, a feud between two crypto entrepreneurs over $900 million in locked crypto assets linked to the collapse of FTX has been waged on Twitter over the past few days.

Admittedly, such behavior does not restore much-needed trust in cryptos. On the contrary, the more the quarrels take place in the public space and the more the investors involved do not know what is bad or what is good, the more confidence will be lost.

(Reporting by Imogen Lillywhite; editing by Seban Scaria)

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