The FTX Saga: Long-term effects on crypto industry?

[TomPluz]

Maybe around two days, I happened to see FTT price at around $22 in CMC...and now it is just $2.74 with bigger chance that it can continue to plummet as more and more holders scrambled to get some value out of this disaster. Sadly, this FTX story pushed the whole crypto industry to another bear trap with Bitcoin now floating in the $1600 level and Ethereum at $1100 zone.

There seems to be a big panic in crypto and all of us can be asking the question: What really happened and what are the things we can expect in the next few days and months ahead as 2022 is closing its remaining days and 2023 is about to enter into the scene.

https://encrypted-tbn0.gstatic.com/images?q=tbn:ANd9GcRf4W3iPtITaLagkSrJn0yKE55z2fB3HwRZvhd44uaeN5FaDMbNTU0mhid1LDr7GeOyiBE&usqp=CAU

[gunhell16]

Maybe around two days, I happened to see FTT price at around $22 in CMC...and now it is just $2.74 with bigger chance that it can continue to plummet as more and more holders scrambled to get some value out of this disaster. Sadly, this FTX story pushed the whole crypto industry to another bear trap with Bitcoin now floating in the $1600 level and Ethereum at $1100 zone.

There seems to be a big panic in crypto and all of us can be asking the question: What really happened and what are the things we can expect in the next few days and months ahead as 2022 is closing its remaining days and 2023 is about to enter into the scene.

https://encrypted-tbn0.gstatic.com/images?q=tbn:ANd9GcRf4W3iPtITaLagkSrJn0yKE55z2fB3HwRZvhd44uaeN5FaDMbNTU0mhid1LDr7GeOyiBE&usqp=CAU

Honestly speaking, there are a lot of cryptocurrency holders got shocked by what happened in this FTT, I think that the fall in the value of the market probably also affected the dropping of the value of Bitcoin, which was also followed by most of the top altcoins in the market as well. But I think that those affected by FTX in this industry will be able to recover in a few days or after one week.

[gunhell16]

Of course, first of all, the panic of many people here in cryptocurrency is simply inevitable for most FTX holders. Second, no one can tell what will happen tomorrow or in the future because time only proves that the future is difficult to predict in this industry.

But I just noticed that despite FTX falling heavily in the market, there is still a lot of money circulating in trading here, although a huge amount has also been lost in the fall in just a few days.

[JordanKing]

The market conditions currently have become worse as the domino impact of the latest FTX breakdown is being witnessed. As mentioned in the Coinpedia's article, after Terra(LUNA), Celsius Network, Voyager Digital, Three Arrow Capital, and FTX-Alameda, it is time for BlockFi to join the list. So yes, the effects of FTX saga will have a long-term in the crypto industry. 

[Speaker]

Nothing has changed in the macroeconomic market and no geopolitics is able to revive the market while the trust of users has been lost. It was a liquidity crisis and a loss of confidence. You can lose it quickly, get everything back for a long time...that's the whole problem.

[mu_enrico]

I hope the issue is contained/localized on FTX and not spreading to other exchanges. As we know that if $FTT goes to zero, parties who hold $FTT will also get burned. Exchanges like Binance, Huobi, Kucoin, Bitfinex, etc., are known to be on top-100 $FTT address list. Let's hope these exchanges won't go down. If they are down, then <$10,000 BTC will be easy.

[Speaker]

Many are beginning to doubt the sufficient provision of the Gate exchange, and many institutional investors are now even more afraid of investing in cryptocurrencies and are waiting for full regulation.