Cryptocurrency As it is known, the hottest agenda of the market FTX and Alameda Research‘s bankruptcy.
In this context, institutions and analysts are evaluating FTX’s bankruptcy and its impact on the market.
The final assessment came from Citibank. Citibank in its latest report Bitcoin (BTC) evaluated its correlation with the stock market S&P 500.
Stating that the crypto money markets fell sharply with the FTX collapse, the bank said that there was a clear weakening in the correlation between the S&P 500 and Bitcoin, and its effects in the crypto money markets were relatively erased.
“The S&P 500 is up about 6% last week, while Bitcoin is down around 20%.
While traditional financial markets were largely unaffected by the FTX crash, its impact on the cryptocurrency markets began to fade.”
Citi said it is not yet certain whether its impact on other asset classes has been averted given the size of FTX’s bankruptcy. “however, the digital asset sector remains relatively small compared to traditional markets.” said.
Noting that the volumes of decentralized exchanges (DEXs) have increased by 30% to date, the bank stated that DEXs have increased their market share due to dark clouds over centralized exchanges (CEXs) such as FTX.
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