The crypto market will not become 0 will recover with stocks: FTX CEO

In the last few hours, over $200 billion of money was wiped away from the crypto market. Bitcoin fell under $30000. It sank to $26597 as the stablecoin Terra USD crashed far under its peg of $1. It created huge downward pressure on the total market. Crypto faced lots of challenges in recent weeks. Investors lost a huge amount at that time. The market of crypto shed almost $300 billion in the last week. The cap of the total cryptocurrency market fell to more than $1.2 trillion currently from $1.5 trillion in the last week. For all such latest news on Cryptocurrency and trading tips check bitcoin-loophole.live.

Statement by CEO of FTX

• The CEO of FTX, Sam Bankman-Fried is referred to as the Crypto Robinhood because he told that he has plans of donating and giving away all his fortunes such as each dollar or Bitcoin as it may be.
• He also told that he will only keep enough money for maintaining a comfortable life and it is 1% of his total earnings or $100000 yearly.
• Thus he is the crypto Robinhood who is beating all rich people at their own game for winning money for the loser of capitalism.
• It was a brutal week for the crypto market globally.
• But Sam is confident that the market will not become zero.
• Recently in his interview with Fortune, the billionaire CEO of crypto exchange FTX said that the market of crypto will be recovering along with stocks.
• He has seen his net worth declining by almost 50% recently from late March.
• This 30-year-old cryptocurrency billionaire is not a bit worried.
• He is now worth nearly $11 billion as per the Billionaires Index of Bloomberg.
• He mentioned that cryptocurrency markets have stabilized mostly, modulo whatever anything happens in conventional markets.
• He has been referring to modulo which is a math operation.
• He used it to say that the markets of crypto will be responding in relation to conventional markets.
• If the stocks recover, he would expect a similar thing to happen in crypto.
• But if stocks keep on crashing so might crypto.
• The largest crypto by market value, Bitcoin moved lately with traditional markets.
• Many experts of crypto lamented recently that the performance of the crypto market is similar to that of the tech stock of the US.
• Currently, the NASDAQ 100 stocks are underperforming.
• Thus the cryptocurrency market is in a bearish trend.
• Bitcoin and NASDAQ’s 30-day average score has reached an exact correlation of one-to-one from 1st January.
• Earlier this week it reached 0.82.
• Such a connection became much apparent after it was indicated by the Federal Reserve that it may be raising rates of interest by half a percentage point in the past week.
• Then the price of Bitcoin started to plunge alongside stocks in one selloff that is continuing now.
• Crypto markets and the stock were in sync recently and the trend may continue for some time.
• The crisis of Terra further may impact the crypto market.
• Billions of dollars may get rubbed out from the project.
• The blockchain of Terra is halted now officially.
• The wider market is currently on an ascending trend.
• During press time, Bitcoin was trading more than the resistance level of $30k again.
• The second largest crypto by market value, Ether maintained its price of more than $2000.
• The total market of crypto is closed to nearly $1.3 trillion.
• It may rally higher more than the next few days if this recovery mode is still on.

Conclusion

Research had at IntoTheBlock, Lucas Outumuro wrote in their newsletter that the week will see crypto markets taking a U-turn suddenly after the meeting of the Federal Reserve. Yet again cryptocurrency and indices of the stock market made movements in sync. The stocks like Bitcoin may be having a rough start. But things have seemingly started recovering. After it was down more than 350 points earlier last week, the Dow Jones Industrial Average traded almost 60 points or 0.2 %. The NASDAQ composite and S&P 500 are almost up 1.2% and 0.7 % respectively. In the last few hours, Bitcoin saw an uptrend of 2% and it is traded currently at $29,383. Ether is too up in the exact timeframe 2.1% and is trading at $1996.