Crypto Market Lost $200 Billion Due to FTX Collapse, No Recovery Signs

• FTT is down nearly 93% from its August highs due to the FTX exchange crisis.
• Buyers try to hold off the sale, thus it is up 6% in the last 24 hours.
• The FTX price stops at its March 2020 lows, near the $2.0 mark.

The FTX Crash is the top trending news of the crypto market. It loses $200 billion in crypto in just a few days. The FTX liquidity crash pushed the price of bitcoin down, resulting in investors seeing bitcoin hit a two-year low of $15,682. Analysts expect further selling in the market in the coming trading session.

FTT, the native token of FTX, declined from the $26.4 to $2.01 level. In November, buyers closed their positions with a loss of 87% so far, and this sharp drop could reduce further momentum. It all started with a conflict of interest between the largest crypto exchange and FTX, which led to the former’s decision to end its FTT Holdings irregularities.

After sharp plumping, stuck up buyers attempted to hold FTT price in the green zone on 10 November. But this price rise was a trap, resulting in, digital asset again moving down while it traded at $3.29 at the time of writing. Later on, token price takes a pause at 2020’s March low, close to $2.0 mark. This level remains as a last hope of buyers to defend themselves. 

Market fell at $440 Million as per overnight data, its slightly up by 10%. Despite the recovery, capitalization fell nearly 93% from August high. Moreover, the FTX token concerning the bitcoin pair is green by 13% at 0.0001902 satoshis. 

On the daily price chart, Stoch RSI observes into the oversold zone. But as per bullish crossover, it may keep asset prices a little higher. Besides, MACD  sank into the ground, and there is no bullish sign from MACD. 

Conclusion 

The ongoing news flow is against the FTX crypto and analysts are expecting more decline in FTX token’s market capitalization. The $2.0 level remains as a last hope of bulls, blood bath is likely below this level. 

Support level – $2.0 and $1.0

Resistance level – $10 and $20

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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