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Bitcoin’s worst weekly performance was recorded in the last 5 months; What do analysts say about the FTX disaster?

بدترین عملکرد هفتگی بیت کوین طی ۵ ماه گذشته به ثبت رسید؛ تحلیلگران درباره فاجعه FTX چه می‌گویند؟

Bitcoin has lost 22% of its value over the past seven days, and despite the turbulent market conditions, analysts are still trying to assess the future of the digital asset and blockchain industry, which has recently been marred by the FTX disaster. .

In the continuation of this article based on a report It is written from the Coin Desk website, we read the opinion of a number of experts and analysts in the space of digital currencies in this regard.

Sean Farrell, Director of Digital Assets at FundStrat: During the last six months, we saw the formation of a series of pressure levers that involved the space of digital currencies; The flow that started with the fall of Luna brought the financial crisis of Three Arrows Capital (3AC) and now ended with the bankruptcy of the FTX exchange. We think it is reasonable to expect the market to fall to lower lows, as losses are more likely. [میان سایر شرکت‌ها] There is; An event that can lead to forced selling by investors, or at least increasing pessimism in the market.

Joe DiPasquale, CEO of BitBull Capital: Market conditions have been shaky over the past few days due to the collapse of Sam Bankman-Fried’s empire, and as expected, Bitcoin and other cryptocurrencies have taken a hit despite the stock market performing relatively well. Bitcoin has settled near $16,000 for now, but other companies active in this area, investment funds and exchanges are still likely to suffer and may show signs of it in the coming weeks.

As in the past, we believe that prices below $20,000 in the Bitcoin market are attractive long-term investment opportunities, but we remain cautious until the current issues are satisfactorily resolved and investor sentiment normalizes. In addition, over the past few days, the reserves of Bitcoin and stablecoins of exchanges have also decreased significantly, which is a sign of a decrease in trust in exchanges and the spread of fear in the market. Now we have to keep an eye on the signs of the return of confidence to the market participants as bullish indicators.

David Duong, Director of Institutional Research at Coinbase Exchange: The relative stability of the digital currency market in recent months disappeared in a matter of days, and while macroeconomic conditions have shifted somewhat in favor of risk assets, we have seen the spread of volatility in the digital currency market. For now, the entities that have been linked to FTX and Alameda are still emerging, and it is unclear how much FTX owes these companies. Not only could Bitcoin retest its 2022 bottom, but it is also expected to fall to $13,000 and we think there is a price support at $13,500.

Part of Arcane Research newsletter: It is a chaotic situation. One of the largest companies active in this industry has been playing with the capital of its customers; An incident that is a source of shame for the entire digital currency industry and reminds us how lawless this space is. The consequences of this event will certainly be wider in the coming weeks.

Part of the Galaxy Digital newsletter: As it turns out, the current depositors of FTX, whose capital is still stuck in this exchange, are considered unsecured creditors of this exchange and will go through a long legal process. While some companies have publicly clarified whether or not they have a relationship with FTX, the relationship of the rest of the companies active in the industry with FTX has not been clarified at this point.

A lot of capital is at stake (and maybe lost), but the impact of the FTX bankruptcy on the market is more visible because of the previous promotional activities of the group and Sam Benkman Fried himself. The volume of reactions to the collapse of Seman Bankem Farid’s collection cannot be underestimated, and it is expected that this event will subsequently affect policymaking in the field of digital currencies in the United States.

Part of the “GSR” institute’s weekly newspaper: It is a pity that in 2022, instead of talking about the capacity of digital currencies, we have to talk about greed, fraud and lack of transparency in this field; The same things that people involved in traditional finance have been accused of and promised to change in these areas.

Part of Pantera Capital’s blockchain newsletter: People who lost their capital in FTX exchange will have a hard time. The fear of the spread of the FTX crisis to other collections will lead investors to adjust their capital portfolios, and this will cause more price volatility. Assets dependent on FTX (such as Solana and projects based on it, Aptos, etc.) will likely suffer the most from this.

It should also be said that the series of these events will probably be a setback in the field of greater acceptance of digital currencies; Because some small investors will decide to leave this space due to the loss of capital, and those who are among the oldest activists in this field will remain on the sidelines due to the fear of the situation and will not make new moves. At the same time, we expect the skepticism of organizations that were cautious about this space in the past to deepen from now on.

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