Dragonfly partner: Today's crypto downturn is a 'walk in the park' vs 2022

Haseeb Qureshi, a managing partner at Dragonfly, stated on X that the current market downturn is the most insignificant when viewed against past precedents. He suggested that many people have forgotten the 2022 crash, which he recalled as a precarious situation akin to a house of cards on the verge of collapse, citing the Terra-LUNA incident and the failures of Three Arrows Capital, FTX, Genesis, BlockFi, and the NFT market. Qureshi noted that during that period, everything collapsed, banks failed, stablecoins de-pegged, and the U.S. Securities and Exchange Commission (SEC) under Chair Gary Gensler tightened its grip on crypto firms. Compared to 2022, he described the current market situation as a "walk in the park," emphasizing that while prices have fallen, the fundamentals remain strong.