“We don’t expect any sharp drops or selling pressure due to contagion fears alone since the bulk of the move is likely to be priced in already,” said Joe DiPasquale, CEO of BitBull Capital, a cryptocurrency fund that manages hedge funds. “At this point, any new development will result in temporary drops, but we don’t expect investors to be shocked by more FTX-related ramifications either. That being said, recovery from these lows may need time, both in terms of market capitalization and general sentiment.”
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