An altcoin project popular with Turkish investors is falling out of the top 20 after the FTX crash. The price drop is approaching a new record, surpassing 95% since the November peak.
FTX bankruptcy undermines related altcoin projects
The events around the high-volume central stock market have also dragged the Bitcoin price to the bottom of the last two years. While the leading crypto was pushing historical lows at $15,599.05 on Nov. 21, Solana price visited below $10 for the first time since last year. Introduced by former FTX CEO Sam Bankman-Fried, Solana is leaving the wallets of individual investors over concerns that it will be used as a recovery fund. The biggest Ethereum killer is currently trading at over 95% off ATH level at $259. It has managed to reclaim the $13 zone by finding some recovery opportunity in the last 24 hours.
The total value of the cryptocurrency market is also at $830.9 billion, up 1.3% from the last 24 hours. It dropped from $1.06 trillion on Nov. 4 before news of the troubles in FTX began to spread widely. Crypto analytics firm Arcane Research, in its new research report, said, “The crypto market took a hiatus after extreme volatility and trading volumes in the midst of the FTX crash. This is evident with the seven-day average trading volume in Bitcoin reaching 3-month lows.” As a side note, declining trading activity is a pattern typically observed after crashes.
Latest from bankrupt FTX
The crisis caused by the stock market still continues to affect. Nasdaq-listed financial services firm Eqonex Group applied to the Singapore Supreme Court for judicial management after failing to meet its obligations and provide liquidity financing. The company said in its filing with the SEC that its Hong Kong and Singapore-based entities Diginex and Eqonex Capital will be liquidated.
Eqonex was one of the first cryptocurrency companies to go public in the US. In March, the company announced a strategic partnership with Bifinity, Binance’s payments-focused subsidiary. As part of this agreement, Bfinity agreed to advance a $36 million convertible loan. Separately, Binance CEO CZ is taking new steps for his crypto market recovery fund. He reportedly met with investors in Abu Dhabi last week to raise cash. Potential backers include affiliates of Sheikh Tahnoon bin Zayed, UAE National Security Advisor. A Binance spokesperson said CZ’s meetings were “focused on crypto exchanges.”
Institutional investors evaluate the crisis at discounted prices
In the midst of the crisis, investment firm Ark Invest, led by Cathie Wood, doubled down on the struggling industry. According to Ark’s reports, the company’s three funds have invested $62.7 million. Matt Hougan, Bitwise’s chief investment officer, says the market will remain volatile for at least six months. Hougan made the following statements in his statements on the subject:
In fact, I think crypto assets hold up pretty well given the headline level of risk and trust degradation we’re seeing. But I think there will be another six to 12 months of uncertainty before investors think it’s safe to go back to the water.
cryptocoin.comAs you follow, MASAK confiscated the assets of FTX executives on November 23.
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