Crypto Market Might See a  “Domino Effect” Much Like the 2008 Crash!

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The Director of Financial Markets at OKX, Lennix Lai, said that the crypto industry could be in for a “domino effect” much like the one the financial market went through in 2008.

As per the report, nearly 10 crypto firms have collapsed since the year’s turn, with declining Bitcoin price claiming victims across the industry including Terra Crash and major lending platforms going bankrupt.

Similarly, back in 2008, Wall Street companies started dropping one after the other after the housing market collapsed and borrowers could no longer afford to pay off their mortgages, overwhelming banks with loan losses on their balance sheets.

Lennix explained, “Both cases resulted from institutions taking an illogical risk, largely at the expense of investors.”