Crypto market crash’s impact.
The crypto market, which started plummeting in May, has seen it all in the last couple of months. Be it lay-off by big giant crypto exchanges, hiring of financial advisors, financial restructuring of the companies and many more such hard and hostile decisions have surged across the market.
The impact of the market crash has been devastating to say the least. Many crypto experts even believe that, the market is entering the stage of Crypto Winter, which has the potential to damage the market to an extent, where the survival of the market would become extremely difficult and the way upwards for market would take more time.
The direct investors and indirect players of the market have been suffering indifferently due to the market crash. The crash has spared no one and has had a catastrophic affect on all. The market crash has also influenced many industries to withdraw from the offerings that they had put for cryptocurrencies.
Crypto Apocalypse influencing Bored Ape Restaurant to stop taking crypto as payments.
The fast-food shop, Bored Ape Restaurant commenced its business in April and started accepting digital currency as well as dollars. The move of accepting digital currency was soon revoked as the market started plummeting and crashing.
As on date, the Bored Ape Shop is no longer accepting crypto currencies or any kind of digital assets in exchange of food. Reportedly, when asked about the issue via email, the owner of the business refrained himself from replying to the emails about the change.
The move didn’t make much difference for the customers.
According to the story, patrons and buger enthusiasts didn’t exactly appear to be bothered by the restaurant’s U-turn.
“While chowing down on meals with an ape theme,” a crypto investor told the LA Times that,
“Yes, Ethereum functions as a currency in that you can swap NFTs and other things for it, but perhaps not in terms of purchasing food and other things.”
While it is true that food industry or for that matter any industry didn’t suffer much from the crypto market crash as the value of fiat currency remained intact. But for the crypto industry, the market crash was not anticipated and the affect of the crash was disastrous. The crypto companies, the employees, the cryptocurrencies everyone are in soup due to the market’s implosion. Whether the market will be able to revive back or not? Only time will answer.