The crypto market continues its downward journey, and experts believe enthusiasts should watch cryptocurrency exchange Genesis, which might be seeking additional funding.
Bitcoin and Ethereum extend their downside trip, with market participants worried that more cryptocurrency exchanges might follow FTX’s steps. The leading digital coin, Bitcoin, lost approximately 6.6% in the last 24 hours to explore $15,727.
Bitcoin’s declines translated to massive slides in the alt marketplace. Ethereum lost about 14% to $1,089 since early September 21. Avatrade’s analyst Naeem Aslam believes updates that exchange Genesis requires capital injection amounting to $1 billion, indicating how the cryptocurrency world is interconnected.
Crypto Market Still Steady
He added that market participants should beware of Genesis’ crisis, as FTX’s case didn’t revolve around crypto but around corporate or people who could not follow the correct practices or measures. Aslam stated that the problem isn’t with the cryptocurrency market as it’s still flourishing, with Bitcoin retaining what it offers.
However, confidence in the new asset class has deteriorated. And that’s not a lucrative thing at the moment. The analyst trusts investors need to watch Genesis and other cryptocurrency exchanges that could be staring at bankruptcy.
Such developments can trigger massive plunges in the cryptocurrency charts. Bitcoin can break its crucial footing at $15K. Swissquote’s senior analyst Ipek Ozkardeskaya trusts that it’s challenging to convince new cash to join the marketplace, considering the ongoing turmoil.
He believes the leading cryptocurrency can dip toward the $12K lows. The crypto market remained in a bloodbath today. Polkadot lost 3% to $5.05, Solana surrendered 2% to $11.49, and Litecoin saw a minor uptrend to $61.75. However, economists seem to trust the market will revive, perhaps not sure when.
For instance, R. Kiyosaki of Rich Dad confirmed he’s bullish on BTC & ETH despite the FTX catastrophe. He stated that FTX wasn’t the crypto market representative. That way, the exchange’s failure doesn’t mean the crypto market’s death. Kiyosaki said he still believes in crypto even as most people in his age circle avoid new digital assets.
What are your thoughts about the current crypto market outlook and the dangers it’s staring at for now? You can comment below.
