A research report presented by Bernstein at the 2023 Consensus Conference stated that the collapse of FTX is the catalyst for a new bull cycle in the cryptocurrency market. The collapse of cryptocurrency exchanges removes the last bits of harmful cryptocurrency leverage and teaches digital asset investors the importance of decentralized and self-custody wallets. The report added that the macroeconomy is aligning with Bitcoin, the largest cryptocurrency by market capitalization, and that some U.S. banks continue to weaken, with deposits further flowing into money market funds and the four major U.S. banks, all reflecting concerns about currency concentration. #BTC #crypto2023 #ETH #Binance #Web3