The Zhitong Finance App learned that the digital asset industry is digesting the impact of BlockFi and FTX bankruptcy, and concerns about the collapse and spread of digital asset exchanges overshadowed the rise of Bitcoin and other cryptocurrencies this Tuesday.

As of press release, Bitcoin is up 1.38% and is trading at around $16,403. Ethereum, which ranked second, also saw an increase, while Dogecoin once soared 10%. So far, Bitcoin has largely weathered the impact of BlockFi's bankruptcy. The crypto lender declared bankruptcy after FTX and its sister company Alameda Research fell into disarray.

The cryptocurrency world is currently nervously watching FTX's further impact, with people's attention focused on struggling companies such as Genesis. Cici Lu, founder of cryptocurrency consulting firm Venn Link Partners, said: “The spread of credit is far from over. In the second and third tier of counterparty risk, visibility is still very low in terms of who is exposed to what risk”.

Cryptocurrency exchange Bitfront, which is backed by Japanese social media giant Line, said the company also decided to shut down due to challenges facing the industry, but said the move had nothing to do with FTX's collapse.