It is evident on the 4-hour TF that bitcoin has surpassed the crucial levels of $ 18,500 and its "duplicate" of $ 17,582, which also supported the "bitcoin" rate on multiple occasions. Thus, we now have all the technical justification required for future cryptocurrency sales. In theory, we cannot even refer to the collapse connected to the FTX bankruptcy as a literal collapse. Even though the total decline (from minimum to maximum) was around $ 5,000, if we look at the "average" rates before and after the collapse, it turns out that bitcoin's price has only dropped by $ 2,000. $2,000 in Bitcoin is what? We are currently preparing for a new flat for at least a few weeks, but keep in mind that not all of the consequences of the FTX collapse have yet manifested themselves. Mr. Zhao, the CEO of Binance, for example, stated this week that bitcoin could fall even further.
SkyBridge Capital's CEO, Anthony Scaramucci, also commented in the meantime. In an interview, he claimed that the previous week was among the worst in history. He mentioned that he personally knows the former CEO of FTX, and that in September, FTX bought 30% of the stock in SkyBridge. He now intends to repurchase his shares. SkyBridge hasn't purchased any FTX stock. It is noteworthy that Sam Bankman-Fried, the person in charge of siphoning off the funds from FTX investors, wasn't named in Scaramucci's accusations. The CEO of SkyBridge said, "I would not like to talk about fraud; let the regulatory authorities deal with it."
To put it mildly, we believe such remarks are ambiguous. Sam Bankman-Fried's act is objectively fraudulent and thus deserves to be criticized. Otherwise, many other companies may follow (or have already followed?) FTX's lead, realizing that no punishment or censure will be meted out. Thus, Scaramucci is attempting to justify Sam Bankman-Fried's actions, but why? Isn't everything in his company "clean" as well? Naturally, we won't know for a while, but user trust in cryptocurrency funds and exchanges is dwindling (especially during the "crypto winter"). Currently, there is a significant outflow of cryptocurrencies from the exchange. At the very least, investors are attempting to leave the sites that might follow the FTX.
The "bitcoin" quotes left the side channel they had been in for five months in the four-hour time frame. Since the fall has already passed both crucial levels of $18,500 and $17,582, we anticipate it to continue with a target of $12,426 in the medium term. Although trend channels and lines are no longer useful, the downward trend still exists. Although Bitcoin tries to float, the fundamental background frequently submerges it.
