Bitcoin and Ethereum continued their rapid sell-off Saturday afternoon, with the carnage in the crypto markets showing no signs of slowing down.

At the same time, crypto hedge funds and corporations are facing increasing insolvency issues.

Paxos CEO and co-founder Charles Cascarilla told CNBC: “We're financially unstable because of this opaque leverage, and you have no way of knowing where all these risks are accumulating.”

“I think it's very unfortunate that people are losing money, and I think in a way that's going to hold back the space because you're going to lose some early adopters or some people who are just getting into the space,” Cascarilla continued.

But Cascarilla also said that investors are still looking for high-quality cryptocurrency investments.

“The underlying technology here and the adoption curve we're seeing, the institutions that are coming in, and how you can get your financial system to work at the speed of the internet, those are all things that need to happen,” he said.

Refer: https://www.cmtrade.com