Join Our Telegram channel to stay up to date on breaking news coverage
The crypto market is in shambles. And as more news about FTX emerges, the crypto prices keep going lower. But is there a stopping point at which the price drop will stop? Is it now? And if so, is it a good time to invest?
Crypto Prices have Hit Two-Year Lows
They say that the LUNA crash was bad, but few knew that it was only the advent of multiple bad actors to emerge – actors that many thought could pull the crypto market out of the brink of obscurity and back to its 2021 highs.
After Coindesk unwrapped the true state of FTX and Alameda, Binance decided to liquidate its FTT holdings. It resulted in crypto prices imploding, with FTT going into oblivion and Bitcoin hitting two-year lows.
For the first time in two years, Bitcoin is struggling at $16k. The hourly trading chart shows Bitcoin forming long reds one after another, and every bullish attempt to revitalize Bitcoin is met with a bearish engulfing pattern. The total cryptocurrency market capitalization has gone from above $3 trillion to a mere $871 billion.
However, amidst this bearish scenario, there is a light of a bullish buying opportunity. Many think these two-year lows might make it the right time to invest – think again.
FTX’s Fate has Put a Question Mark on the Entire Crypto Industry
If we were to go buy the traditional market conditions, Bitcoin’s price right now would have been a “buy” signal. But the current state of the cryptocurrency industry is wildly different than it was just a year ago.
The rise of massive NFT projects created millionaires overnight, and many crypto investors saw their wealth growing parabolically. The entire market was so bullish that many said that LUNA was one of the best tokens and TerraUSD was one of the best stablecoins in the market. However, after massive withdrawals of LUNA led to a death spiral, the entire cryptocurrency market collapsed, pushing Bitcoin’s price down by 67%.
As it led to massive disruptions across the entire crypto space, the closure of venture capital firms ensued. Three Arrows Capital and Voyager were among the first to file for bankruptcy. Amidst this bearish contagion, Sam Bankman-Fried, founder of FTX, the world’s second-biggest cryptocurrency exchange, emerged as someone the entire community trusted.
Fashioning himself as “the most generous billionaire” to ever live, SBF quickly became a fan favorite. The entire space was too enthralled to see under the surface until the beginning of November.
As DirtyBubbleMedia’s article arrived, we found that Alameda Research might be insolvent. Many investors initially paid no mind to it but were forced to change their tune after Binance tweeted that it would liquidate its FTT (native crypto of FTX) holdings.
It led to a snowball effect and led more details to emerge. With each revelation, FTT’s price sank lower, and so did Bitcoin’s. It happened right around the US midterm elections, which already involved a lot of crypto donations.
These factors combined negatively impacted not just FTX but the entire crypto market. The calls for regulations are rising, and we must wait to see how those regulations impact the crypto space.
Is it time to Buy?
Most experts are telling their followers to wait to buy any cryptocurrency from a centralized exchange right now. Market indicators show that the bottom is yet to come, and the current ecosystem indicates that a seismic shift in the market is about to happen. Now, this sentiment might seem like FUD. But the truth is, waiting would be a wise choice right now.
Crypto Investments That are Possible Right Now
The FTX issue has shown people need better tools to analyze market conditions. That’s where Dash 2 Trade comes in. Dash 2 Trade is a crypto analytics and research tool that brings social, off-chain, and technical indicators under one umbrella. This platform also features Bespoke Presale Assessment to help early movers pick a presale token for investment.
D2T, the native crypto of Dash 2 Trade, is available on presale and has, so far, raised upwards of $6.6 million. You may buy it at a discount price of $0.0513 right now before it increases to $0.0533 in the later stages.
Other crypto assets making waves in the presales are IMPT, Calvaria, and RobotEra. IMPT is a green cryptocurrency that has raised over $13 million, Calvaria (RIA) powers a card game and is close to raising $2 million, and RobotEra (TARO) is a metaverse crypto that has surpassed the $100k milestone.
Related Articles
Join Our Telegram channel to stay up to date on breaking news coverage
