It’s somehow non-bitcoin on the cryptocurrency market – Newspaper Kommersant No. 217 (7418) of 11/23/2022
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The fall of the cryptocurrency market after the bankruptcy of the FTX exchange has stopped. On the morning of Tuesday, November 22, there was still a game to lower the rates of cryptocurrencies, but then the quotes went up – the leading cryptocurrencies went up by 2–7%. However, experts believe that there is only a short-term correction in the market, after which the cost of digital currencies may again go down – the market may lose another 10-15%, and the bitcoin rate may roll back to $10,000.
The crypto market began to recover after the hard negativity of the bankruptcy of the FTX exchange. Attempts to continue the game for a fall in the morning were not successful, and in the afternoon on Tuesday, November 22, most of the leading cryptocurrencies showed an increase in quotes.
According to Coinmarketcap.com, the price of bitcoin (BTC) exceeded $16.3 thousand, up 3.3% from the previous day’s close. Ether quotes added more than 2%, reaching $ 1.13 thousand. Other currencies – Binance Coin, Cardano, Dogecoin, Polygon – have added 2-7% since the close of trading on Monday, and Litecoin has risen in price by more than 14%.
In early November, it became known about the problems of the FTX exchange with liquidity. According to the WSJ, a significant portion of the exchange’s client funds was transferred to Alameda Research, which financed high-risk operations. The FTT exchange token collapsed, bringing down the quotes of the crypto market, and the exchange itself declared bankruptcy. Then bitcoin and ether lost 24–32% in a few days, and some cryptocurrencies depreciated three times.
Market participants regard the current market recovery as a temporary correction. In a calm market, the balance between buying and offering is approximately equal, and movements of plus or minus 2–3% do not affect the overall situation, says Sergey Mendeleev, head of InDeFi Smart Bank. At the same time, according to him, the negative from the bankruptcy of FTX has just begun to unfold.
Berezka DAO and Weezi co-founder Roman Kaufman says that “a very large financial institution, Genesis, which is owned by Digital Currency Group (DCG), which also owns CoinDesk, Grayscale’s largest crypto fund, is on the verge of bankruptcy.” Roman Nekrasov, co-founder of the ENCRY Foundation, notes that the consequences of the collapse of FTX and Alameda are still not completely clear, since “those who depended on them, who invested in them, are still trying to somehow cope with the situation – write off investments, like Temasek, or find a new investor to replenish liquidity like Genesis.”
At the moment, according to experts, the market has not yet reached its bottom. In December, the fall of bitcoin will continue, Mr. Nekrasov expects, he allows a depreciation to $13,000.
Roman Kaufman expects the market to decline by another 10-15%. And he links this to the upcoming balance sheets of large funds and institutional investors, “which means we will learn more about one fund with empty reserves and debts.”
In such conditions, bitcoin quotes, according to him, may fall up to $10 thousand. Sergey Mendeleev does not exclude that the leading cryptocurrency will fall even below this mark – “the probable bankruptcy of the largest organizations like Genesis can have an extremely negative impact on the market.” At the same time, experts are pushing the recovery of the crypto market further, expecting it no earlier than in a year, in the fourth quarter of 2023.
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