Market analysts, including the BitMEX co-founder Arthur Hayes and the co-founder of Mobius Capital Partners Mark Mobius, said the next target for Bitcoin is $10,000, which, if the prediction is realized, would inflict more pain on the already suffering industry.
Other high-profile entities, such as Genesis Global and Gemini, found themselves under increased pressure as well, fueling concerns of more casualties in the market.
Still, one of the heaviest blows recent events delivered was the shattered trust in the entire crypto industry. This, naturally, has had a negative impact on the price of Bitcoin (BTC), which plunged from above $21,000 at the beginning of the month to the current level of slightly above $16,000.
But is that really all gloom and doom for the world’s leading cryptocurrency?
“Bitcoin seems to have found a support level post-FTX collapse at about $16,000. That said, we are actively tracking the fallout from FTX—specifically, the potential Genesis bankruptcy and further ripple effects from that,” head of research Zhong Yang Chan at CoinGecko told Decrypt.
Another closely monitored area, according to Yang Chan, is “a developing situation” of Bitcoin miners selling down their reserves for cash flow.
“On a broader scale, the continued challenging macroeconomic…
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