After the crash within about 48 hours, Bitcoin and a series of large and small altcoins pumped strongly again. A lot of people thought that this was the bottom of the market and started the money band to catch the bottom. But wait, calm down and hold the money in this phase is much more important than chasing profits. Let's look at the market with Holdstation next week through this analysis!
The "death" of the biggest whale is just the beginning
1) Hi all:
— SBF (@SBF_FTX) November 11, 2022
Today, I filed FTX, FTX US, and Alameda for voluntary Chapter 11 proceedings in the US.
So after about 2 days, the asset of one of the billionaires of virtual currency who once stood in the top of the richest people in the world has evaporated tens of billions of dollars. The world's leading cryptocurrency exchange FTT has also officially filed for bankruptcy under US Act 11. This is just the beginning of the domino chain of the coming and going crash that is very likely to begin this coming week that all investors should be cautious of.
If investors notice the list of a series of different large and small projects affected after the bankruptcy of FTX and Alameda Research is endless. Meanwhile, the business of the entire cryptocurrency market in the past 6 months has not been very favorable, so creating a chain effect of panic will soon take place.
In the list can be mentioned a few emerging names in recent times such as Aptos, the hottest layer at the moment, raising $ 150 million with the lead of FTX, Genesis Trading Investment Fund said there are still about 175 million USD of assets stuck on FTX. Meanwhile, Sequoia Capital lowered the price of its $213.5 million investment in FTX to zero. Or BlockFi, a loan fund that had received $400 million in support from Sam, was in a precarious state when the company's CEO, Mr. Flori. Marquez deleted the post about the statement that the company was still operating as usual yesterday morning (November 11). Another familiar name, Coinbase Ventures, also accepts to lose its investment in FTX.
Now it’s official https://t.co/6y74TgeTm9
— Ki Young Ju (@ki_young_ju) November 12, 2022
Besides, today the official news about the FTX exchange being hacked and stolen 500 million USD has also been officially confirmed. But is it true that the crypto exchange that was once among the top in the world was hacked? Or the fact that FTX's own internal extraction is doing to try to recover all of its assets that have been blown away in just 48 hours, only FTX knows.
Investors should be ready for the "earthquake"
It is not until the beginning of next week, when companies, organizations and banks return to work, then the official announcements about the impact of the Alameda and FTX case will be officially counted and published. But investors fully understand that the collapse of one big company will inevitably lead to the collapse of a series of small organizations following. Fill in the picture to recall the most recent history lesson that happened only in June of this year. The downfall of Luna led to the downfall of a series of big names like 3AC or Celsius.
When the market plummets like this, the macro news is not too positive to support, the market really needs time to find the bottom and accumulate. Whether the market creates a bottom or an uptrend is not a story of day one and day two. It should have elements of cash flow, news, as well as upcoming crypto policies being developed and implemented in major countries. Now is the best time for investors to hold money, learn knowledge and wait for a strong return of the market in the long term.
Investors should refer to learn how to hold digital assets safely and still increase profits through this article:
Nguyễn Cao Trung
Conclude
This short period of time is not the time for investors to think about bottom fishing. Let's wait and watch the market, watch out for the projects that bounced back most strongly the previous day and didn't drop too much in price after this crash, that's where the money can be poured in during the accumulation season. next. Always control risks, do not rush and keep your assets safe.