Cryptocurrencies are witnessing a dramatic market crash and the Federal Reserve is responsible for this downturn, said Sam Bankman-Fried, the CEO of the FTX platform.
"The core driver of this has been the Fed," Bankman-Fried said.
In an interview with NPR media, the FTX boss stated that the Fed is hiking interest rates aggressively to fight high inflation, which has led to a "recalibration" of risk expectations.
Bankman-Fried said he appreciates the difficulty of what the Fed is attempting to do, noting it is "caught between a rock and a hard place." However, the billionaire stated a lot of his own outlook for his business now depends on decisions the central bank will make in the months ahead.
Last week, the Fed raised interest rates by three-quarters of a percentage point in an effort to combat high inflation. Financial markets have already been highly jittery in recent months and cryptocurrencies have gone into full meltdown mode.
"Literally, markets are scared. People with money...
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