Starknet co-founder calls downturn crypto's worst ever, a chance to readjust

Starknet Co-founder Eli Ben-Sasson has stated that the cryptocurrency industry is experiencing its most severe recession in history, U.Today reported. He noted that the number of startup closures and budget cuts is repeatedly breaking previous records. However, Ben-Sasson believes this crisis could benefit the market in the long run. "In the past, weak projects could survive even during long market downturns," he explained. "But now, many startups are facing financial difficulties, leading them to go bankrupt or cease operations entirely. The market needs a readjustment." He also observed that interest from traditional financial institutions in crypto is waning, viewing the resulting large-scale capital outflow as a positive development. Ben-Sasson emphasized that cryptocurrency was created not to replace the existing banking system but to provide freedom for financial innovation. He has previously diagnosed the industry as facing a severe identity crisis.