FTX isn’t Done With Wreaking Havoc Yet!

After reaching a high of $2.9 trillion, the total market capitalization of cryptocurrencies is now only worth roughly $800 billion.

Since we are currently in a worse situation when the FTX has already failed, which severely damages the trust in the cryptocurrency sector, and many other centralized exchanges are fighting an uphill battle to convince their customers of their legitimacy, we are in a situation where the FTX has already failed, which severely damages the trust in the cryptocurrency sector.

And as a direct result of this, the ongoing crypto winter has been even more drawn out, which is not good for the market; additionally, there was not even a modest recovery after the most recent dip in value!

We can anticipate that there will be another crash to make the bottom as long as the overall market value is less than 800 billion, and in my opinion, the bottom can be found in the region where the market cap is between 580 and 550 billion, which might bring BTC to $10,000- $12,000 price range .

While the Stock market has been in rejoice mood recently , The BTC lost its ground due to FTX ‘s episode, if Not, BTC would have been ranking around $28,000–00 since last week , But Sade to say .The relief rally did not happen for Crypto — Midterms , and we should brace for next CPI data release ,of which is likely to bear down the market to $15,000–00 range and below

The market capitalization hopefully will not drop drop below 270 billion dollars, not even in the most disastrous of scenarios , but frankly all need to feel the real impact after the contagion effect settles due to FTX’s collapse

Many of the largest firms in the cryptocurrency business are still struggling to recover from the effects of FTX.

BlockFi, a cryptocurrency lender, is weighing its options after the demise of FTX, and is considering filing for Chapter 11 bankruptcy and anticipating widespread layoffs.

Genesis Credit, Genesis’s lending division, is likewise halting new loans. It’s significant since it’s one of the largest lenders in the industry, with $2.8 billion in outstanding loans as of the end of the third quarter. The company announced the delay as a means of “navigating this tough market climate.” Genesis is parked with major Big players , so if it has been hit, that’s where Cryptocurrency markets will need really need Avatars to bail out the whole market out

Many people are now looking to Crypto.com to see if the collapse of FTX will have a ripple effect throughout the cryptocurrency market. The platform’s CRO token dropped over 40% after FTX, leading some to speculate that it may be next in line for a token swap.

#Disclaimer Note :

The author has made every reasonable effort to be as accurate and complete as possible in the creation of this article and to ensure that the information provided is free from errors; however, the author/publisher/ reseller assumes no responsibility for errors, omissions, or contrary interpretation of the subject matter herein and does not warrant or represent at any time that the contents within are accurate due to the rapidly changing nature of the Internet. Any perceived slights of specific persons, peoples, or organizations are unintentional.

This publication is not intended for use as a source of any financial , money making ,political , military , medical or accounting advice. The information contained in this guide may be subject to laws in the United States and other jurisdictions. We suggest carefully reading the necessary terms of the services/products used before applying it to any activity which is, or may be, regulated. We do not assume any responsibility for what you choose to do with this information. This article is not meant for financial nor Military advice , Use with your own judgment