Why Cryptocurrency Prices Are Bottoming; More Bad News Ahead?
The entire Cryptocurrency industry is going through a tough phase at present. The dominant coins are showing poor performance and losing huge amounts of funds. The market as a whole is experiencing a given amount of losses. This industry is passing through a Bearish phase at present and there is a fall in the total market cap! Alternatively, you can sell your crypto coins on a reputable exchange like this trading platform to get cash to spend directly.
But, there is another sign from the market as volatility is cooling down. It points out that the bottom can be in any time now. This points out that there may be further bad news for the market in the future. Read this blog to find out more about the Crypto market’s present scenario!
Cryptos Are In The Bearish Phase
With the downfall in the market, influential Cryptos like Bitcoin and Ethereum are showing poor performance. Their values have fallen by a drastic level and investors are exiting their funds.
This shows that the entire Cryptocurrency space is in a deep bearish phase. The majority of the best coins are losing their market cap. And, many of these digital currencies are operating in a red zone. Coins like Bitcoin are trading at 16,820.10 USD, while it is around 1,232.00 USD, which is in a lower position than its peak prices.
Last month, the rates of BTC, Cardano, and BNB as well, experienced their largest fall in a single week. And the present market cap of the industry is less than 900 Billion USD.
Again, the crash of FTX is spreading negativity around the market. Amidst this news, the Cryptocurrencies were starting their descent performance. But the bad news has been pouring into the market which explains the falling volatility.
The Crash Of FTX Is Factoring In The Market
The collapse of FTX is a shock to the industry as a whole. This crash is harming many coins. But, in current times, investors and the complete Crypto community are trying to move on from this news. The leaders of the market are trying their level best and committed to not letting such an incident happen again!
Though the community is moving past the FTX collapse, they want to know the perspective and reaction of the former associates of this firm. They are eager to hear what Sam Bankman-Fried have to state about their firm’s severe collapse.
This ruined firm has over 1 Million creditors. It reflects that a huge number of people have been facing the havoc of FTXs collapse. And, with this collapse, the importance of regulation in this market is attracting attention worldwide.
These laws on the operation of digital currencies nai seem to affect the trades in the short run. But, in the long run, fresh funds flow into the market. And, regulations will ensure predictability and clarity of gains.
Consequences Of This Downfall
The FTX collapse has had a deep effect on the market. So, watching its ripple effects is a must for the community. You can notice that a leading firm for Crypto lending, BlockFi, is talking about Bankruptcy.
Also, another firm, Genesis, which is a Cryptocurrency brokerage outlet, announces that it will go for an exposure of 140 million USD to FTX.
Over time, we will come to know about more firms in this market that will crawl under. Meanwhile, investors are searching for new tokens that have a chance of explosion.
New Tokens To Try For Higher Gains
With the prevailing situation of the market, you can look out for these Tokens instead for higher gains. These are –
Dash 2 Trade:
Its presale is going on at present and is attracting higher support from Web 3 and the community. It has been capable of raising over 6.33 million USD in less than a month.
This latest presale is another one that you need to consider. Within a few weeks, it has been able to collect over 92,000 USD. It is a Metaverse space where you can buy or sell the plots.
With the presale of this token, the problem in Web 3 will be solved. Also, this Token will attract both Crypto and gamers as well. It has been able to raise around 1.77 million USD.
It will take some time to understand in what direction the market will move in. Till then, you can invest in these Tokens and as they are in the pre-sale stage, it is affordable to have them. For crypto trading and investment log onto Bitcoin smart.