Marco Ale
Investing.com – Cryptocurrencies such as and still fail to recover significantly from the FTX debacle. Trading continues near cycle lows in a doomsday scenario with BTC/USD falling below $10,000 next year.
However, former BitMEX CEO Arthur Hayes believes that the current cycle low represents the bottom. He claims that the wave of selling has already peaked as all crypto companies threatened by the specter of bankruptcy are now bankrupt.
As part of the accompanying liquidity crisis, these companies were forced to sell their most liquid assets, including bitcoin of course. We are at a stage where we cannot sell BTC to
“If you look at the balance sheets of any of these heroes, they don’t have bitcoin because what they do is they sell bitcoin when they go bankrupt and they go bankrupt before the wave Because I sold bitcoin during
I believe the US Treasury market will crumble sometime in 2023 due to the Fed’s tightening policy. Higher spikes. ”
Hayes isn’t alone in his opinion. Investor Cathy Wood believes the demise of FTX will help accelerate the growth of the DeFi sector. This is because questionable transactions are impossible in a transparent and decentralized business environment.
“I think what we are learning thanks to FTX is how important a fully transparent decentralized network will be for financial services going forward.FTX, Celsius and 3AC were all closed networks. An opaque system. Couldn’t see what was going on….”
From her point of view, that’s why Sam Bankman-Fried preferred to take a long stance on Bitcoin. It’s too transparent, too decentralized, and impossible to control.
Bitcoin technical price marker
Bitcoin is currently losing -1.60% at the BTC/USD rate of $16,908, compared to a weekly loss of -2.33%.
The cryptocurrency managed to hold the 23.6% Fibo retracement support of $16,986 for three consecutive days. However, it is currently trading below that and can test the December 7 lows of $16,715.
If the close breaks below this level, the focus will shift to the Nov 28 lows of $16,013. A break below that could result in a loss towards the cycle low of $15,504.
Only if the Fibo retracement of 23.6% can be sustained sustainably will there be a good chance of recovering to $17,841, the Fibo retracement of 38.2%. This resistance is strengthened by the psychological mark of $18,000 and his 55-day moving average line of $18,023.
(Translated from German)
