Analytics
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Arcane Research expert Vetle Lunde analyzed the situation in the cryptocurrency market after the collapse of the FTX Token (FTT) project. He noted that he was disappointed, because what happened to the FTX exchange is extremely negative. It will seriously affect the industry’s regulatory prospects, dampen institutional interest, and likely send the market bottoming out for at least six months or more.
According to the analyst, he is waiting for the continuation of the bearish trend and the fall in the rate of the flagship cryptocurrency Bitcoin (BTC). The specialist assured that first-level blockchain projects such as Solana (SOL) will suffer the most. He advised against acquiring these virtual assets in the long term.
According to the expert, the Binance trading platform has seriously strengthened its position and role in the market. In the coming years, companies such as Fidelity, Schwab, Citadel and others will also have a certain share in the industry and it is important to keep a close eye on this.
According to Lunde, the situation with FTX has become a key structural shift for the market and the correlation with other assets will decrease in the coming weeks. According to the analyst, the prudent solution in this situation would be the approval of the long-awaited spot Bitcoin-ETFs, as many retailers have been forced to turn their eyes to high-risk platforms and need to provide them with an optimal investment environment.
The expert summed up that the events that have taken place will have the most serious consequences for the market, not only in matters of regulation of the industry, but also its mass adoption. The cryptocurrency sector is still very risky and no one can be trusted here.
Lunde assured that for him all that was happening was another reason to appreciate the boring structure of bitcoin more.
Earlier, the editors of Crypto.ru reported: FTT cryptocurrency quotes fell by 75% in 24 hours.
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