Simply put - a lot. This goes back to trust. Trust had already been shaken in terms of crypto's value as an asset during 2022's deep bear market. But that trust was rattled further when Three Arrows collapsed, then other smaller firms, and then FTX.

It's one thing to see your portfolio crumble during a down year for assets. But it's an entirely different thing to feel like you've been cheated, or to learn your funds were being used for various things you didn't agree to, as in the case of FTX.

Trust is a critical component to markets, and when something like FTX's collapse happens, it can take time to rebuild. I don't have an exact forecast, but it won't happen overnight. Retail investors especially will need a reason to trust crypto companies again. And if those firms can't be trusted, that also sets back progress for the underlying blockchain technology.-PR