Crypto Industry Faces 'Massive Consolidation,' Bullish CEO Says

Bullish CEO Tom Farley predicts a wave of consolidation in the crypto industry, with smaller projects being snapped up by larger firms and the sector becoming less fragmented. He compared the shift to the exchange sector's 'continual massive consolidation' and said 'the same thing is going to happen starting right now in crypto.' Farley, who served as president of the New York Stock Exchange until 2018, said the recent market drop will be a key catalyst.

Bitcoin is down nearly 45% from its October all-time high of $126,100 and was trading at $69,405 at the time of publication. He added the consolidation 'should have happened a year or two ago,' arguing inflated valuations kept 'false optimism' alive and leading some companies with $10 million in revenue to seek $200 million buyouts.

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