Cryptocurrency market movers and shakers were met with increased volatility this week, following recent revelations from troubled crypto exchange – a href=/?s=FTX>FTX. According to the exchange, which saw bankruptcy last year, its assets as of end August encompassed a diversely impressive crypto portfolio, compounding pressures on an already unsettled market segment.
BTC witnessed a declining trajectory to about $25,000, while Ethereum found itself scouting under the $1,560 mark on Monday. Even the likes of Binance Coin and XRP weren’t immune to the fallout, shedding 3.57% and 5.87% respectively. Sadly, these downturns came in the wake of promising futures for these major tokens.
FTX’s billion-dollar holdings have ignited apprehensions about potential asset liquidation that could flood the market with billions worth of tokens, further pressuring crypto prices. The higher volatility within the space of late seems part and parcel for the currently turbulent crypto climate.
Of course, not all may be lost. Investors and the most agile of active traders have had their eyes on a select few producers, encompassed, among others, by Wall Street Memes, Kaspa, Monero, Bitcoin BSC, and Bitcoin Cash. Collectively, these display attractive technical outlooks and robust fundamental architecture, particularly as seen in Kaspa (KAS) – its movement hinting towards promising upside.
Despite this, scepticism must be wielded proportionately. While KAS’s value indicators, such as bullish alignment of EMAs, do suggest potential gains, prudence must be observed. The cryptocurrency market is notably unpredictable, and the allure of a potential upswing could misconstrue realities.
Elsewhere, Wall Street Memes, puddle-jumping off the back of WallStreetBets, is set to realise significant returns capitalising on current investor appetite for meme coins, irrespective of market volatility patterns. Its 65% APY and robust staking strategy make for optimistic future predictions, as does Bitcoin BSC’s fusion of Bitcoin’s intuitive legacy with innovative technology; a potential dark horse.
Yet, not all displaced assets offer such a sunny outlook. Monero’s complex trading climate is shaped by a descending triangle formation, among other bearish indicators. The murky interplay of selling pressure, double-directional EMAs, RSI, and MACDs cultivate a precariousness that astute traders should heed.
Similarly, Bitcoin BSC’s recent technical indicators instigate concern. The ominous ‘Death Cross’ seems to promise nothing but a storm brewing. MACD’s bearish crossover and falling RSI all reinforce the potential likelihood of downward momentum, which only the brave or foolish might navigate.
There’s no denying the irrevocable influence of market occurrences on crypto prices. Impacted by FTX’s revelations, crypto markets have bemoaned substantial change, with some gains but significant potential losses too. As we progress through these evolving crypto climates, only careful vigilance, prudent trading, and adaptable strategies will ensure survival for investors and coins alike.
Source: Cryptonews
