Liquidity crisis
Posted: Mon Jan 27, 2025 7:17 am
Crypto winter has already begun, analysts interviewed by Izvestia believe. Bitcoin is rapidly losing value: by November 9, it had fallen by 21% from the highs of this month.
The main reason for the sharp india cell phone number list decline in quotes was the liquidity deficit at one of the largest crypto exchanges, FTX, which led to a decrease in confidence in the crypto industry and the withdrawal of funds by investors. In addition, the trend is supported by expectations of a global crisis and a tightening of the monetary policy of the Federal Reserve System, as well as world banks, experts note. In their opinion, the price of bitcoin may fall to $10-12 thousand by the end of 2022, and they predict recovery no earlier than in two to three years.
. The main drop occurred on November 8, when the digital currency fell by 18% and at one point cost $16.9 thousand per coin, which turned out to be the minimum since November 2020. On November 9, the cost of Bitcoin increased slightly, at 18:00 it was $17.4 thousand. However, from the maximums of this month, the rate of the main cryptocurrency has fallen by 21%. The quotes of other most popular digital currencies also depreciated in November: Dogecoin, Polygon, Ripple, Solana, Ethereum and Cardano. The total capitalization of digital money, according to investing.com, decreased by about 10%, to $923 billion.
This is due to the liquidity crisis at one of the largest cryptocurrency exchanges, FTX, which was among the top five in terms of trading volume, explained Alexey Kornev, an expert at the ACRA corporate ratings group. The main reason for the sell-off of digital currencies was the report of the discovery of "empty" assets in the assets of a subsidiary of this exchange, added Igor Pan, a specialist in digital assets at the Finmir marketplace.
Thus, instead of $14.6 billion in real cash, the company had internal FTT tokens, which made investors doubt the solvency of the exchange. And recent stories about the bankruptcy of one of the largest cryptocurrency hedge funds ZAS and the Celsius platform made this information even more negative, the expert noted.
On November 8, there were reports that users were unable to withdraw funds from FTX — most likely, due to the mass withdrawal of assets by users, the exchange did not have enough liquid reserves, explained Alexey Kornev. He added: later, the largest crypto exchange Binance announced its intention to buy FTX to overcome the crisis, but now this is only an agreement of intent.
The main reason for the sharp india cell phone number list decline in quotes was the liquidity deficit at one of the largest crypto exchanges, FTX, which led to a decrease in confidence in the crypto industry and the withdrawal of funds by investors. In addition, the trend is supported by expectations of a global crisis and a tightening of the monetary policy of the Federal Reserve System, as well as world banks, experts note. In their opinion, the price of bitcoin may fall to $10-12 thousand by the end of 2022, and they predict recovery no earlier than in two to three years.
. The main drop occurred on November 8, when the digital currency fell by 18% and at one point cost $16.9 thousand per coin, which turned out to be the minimum since November 2020. On November 9, the cost of Bitcoin increased slightly, at 18:00 it was $17.4 thousand. However, from the maximums of this month, the rate of the main cryptocurrency has fallen by 21%. The quotes of other most popular digital currencies also depreciated in November: Dogecoin, Polygon, Ripple, Solana, Ethereum and Cardano. The total capitalization of digital money, according to investing.com, decreased by about 10%, to $923 billion.
This is due to the liquidity crisis at one of the largest cryptocurrency exchanges, FTX, which was among the top five in terms of trading volume, explained Alexey Kornev, an expert at the ACRA corporate ratings group. The main reason for the sell-off of digital currencies was the report of the discovery of "empty" assets in the assets of a subsidiary of this exchange, added Igor Pan, a specialist in digital assets at the Finmir marketplace.
Thus, instead of $14.6 billion in real cash, the company had internal FTT tokens, which made investors doubt the solvency of the exchange. And recent stories about the bankruptcy of one of the largest cryptocurrency hedge funds ZAS and the Celsius platform made this information even more negative, the expert noted.
On November 8, there were reports that users were unable to withdraw funds from FTX — most likely, due to the mass withdrawal of assets by users, the exchange did not have enough liquid reserves, explained Alexey Kornev. He added: later, the largest crypto exchange Binance announced its intention to buy FTX to overcome the crisis, but now this is only an agreement of intent.