What happened to FTX is no longer a rumor but a reality that many people wish to be a dream. Some cryptocurrency enthusiasts believe that what happened to FTX will affect only the hodlers and users of the centralized exchange but I believe the current market condition has started to prove otherwise to them.
Binance CZ played his card well right from the beginning of the FTX journey and ended the game with a handicap just when SBF thought he was in the game.
What are the consequences of the FTX and FTT fall?
First, the trust issue in cryptocurrency will be heightened now. When Terra Luna collapsed, a lot of people were rekted and they ended up losing trust in Cryptocurrency as a whole. Some of them left the cryptocurrency world entirely due to the huge loss. With this recent FTX issue, there is the possibility that tons of newbies and those affected will move away from cryptocurrency.
The cryptocurrency regulation saga will also be heightened because the government will have more points to base their regulation point on.
Secondly, the crypto world is strengthened by the Defi market, and most Defi products are built on leverage. With the current event, there will be the liquidation of many open positions. When this happens, the market sentiments will follow the trend and we will end up in a long bearish period. The fear index will be very high.
Nevertheless, whenever there are issues, there is always an opportunity. Shortening some tokens won't be a bad idea now. It is going to be profitable if you trade wisely. This is not financial advice, it is a personal opinion that is not binding on anyone, and if you are not conversant with Future trading, kindly stay away less you will be burnt in a few seconds.
Sadly, FTX has to go down like this at a period when people are with hopes that the market is heading toward the green days. Who will be next? Coin base or even Binance? . CZ has shown what he is capable of.
