The recent price drops in bitcoin and Ethereum have brought renewed attention to the growing risks of FTX Attacker and Genesis Contagion, which continue to dominate market sentiment. Some analysts believe that the increasing number of transactions sending ETH to exchanges is an indication that traders are hedging their bets against future price movements.
Meanwhile, the financial problems facing Genesis Trading have raised concerns about the broader stability of the cryptocurrency market. Despite these challenges, many analysts remain optimistic that bitcoin and Ethereum will end 2022 on an upward note.
Bitcoin has revived and is currently trading on a bullish note for the last 2 days, managing to reclaim $16.500. Meanwhile, Ethereum has also maintained its positive momentum and is showing signs of continued growth in the near future. Whether these price increases will be sustainable remains to be seen, but it seems clear that traders are looking for ways to mitigate the risks posed by FTX Attacker and Genesis Contagion.
Events surrounding FTX and Genesis to determine crypto recovery or a temporary reprieve
In the last few days, crypto markets have seen growing volatility, with bitcoin and Ethereum prices dropping significantly after experiencing a sudden spike in transactions to exchanges. This has led many analysts to speculate that traders are hedging against future price movements amid concerns over the impact of events surrounding FTX and Genesis.
Despite these challenges, it is possible that bitcoin and Ethereum will see a recovery in the near future as investors gain confidence in the resilience of these digital assets. There are also indications that some traders are moving to other coins, such as Ripple and Stellar, due to their lower exposure to FTX Attacker and Genesis Contagion. Ultimately, the direction that the crypto market takes in the coming months will depend on the actions of both traders and market regulators.
Meanwhile, Bitcoin is trading at $16,579.09, while Ethereum is currently trading at $1,199.46. It remains to be seen whether these prices will hold or if they will continue to fluctuate amid the growing concerns around FTX, Genesis, and other risks in the crypto market.
The altcoins are trading in the green zone, with select altcoins trading in a bearish sentiment. The top performers of the day are Curve DAO and Solana which have gained 9.99% and 9.52% respectively. The worst performers are Wemix and Ethereum PoW which have dropped by 3.32% and 2.92%. The crypto market cap has increased and is currently standing at $833.1B.
Cryptocurrencies price heatmap:Coin360
Overall, as we approach the weekend, it is clear that crypto markets are still on shaky ground, with investors bracing themselves for further volatility amid growing concerns around FTX Attacker and Genesis Contagion. Despite this uncertainty, there are signs that some altcoins may see gains in the near future as traders seek to diversify their portfolios. Whether bitcoin and Ethereum will recover from the recent declines remains to be seen, but it is clear that the market will continue to be influenced by these risks for the foreseeable future.
