In just a few days, an enormous amount of capital was wiped out in the digital currency market. Cryptocurrencies have recovered slightly since Thursday or are currently trying to consolidate. Nevertheless, the digital currency market decoupled from the asset class equities for the first time? a clear underperformance in the past week. The reason lies in the FTX crash. Because the disaster surrounding the major exchange FTX and regular crypto news from Sam Bankman-Fried shook trust.
Crypto investor @RyanSAdams ? after all, over 200,000 followers on Twitter? however, now takes a different view of the current crypto crash. While prices are currently trending south, the collapse of FTX will be bullish for Ethereum (ETH) in the medium term. Because FTX and the central players are once again proving the added value that decentralized finance can offer in the medium term. DeFi instead of central exchanges? the future of crypto will only go this way if RyanSAdams has his way.
People say crypto is dead but the collapse of FTX proves the value of Ethereum and DeFi more than ever.
We can’t build the future of crypto on centralized exchanges.
We never could.
DeFi.
— RYAN S?AN ADAMS – rsa.eth
(@RyanSAdams) November 10, 2022
25% correction in Ethereum: price slide below $1300 – bearish momentum
Significant price losses result from the FTX crash in Ethereum. The ETH price corrected by almost 25% in the past seven days. Over the past 24 hours, Ether has been increasingly consolidating sideways and may have leveled out in time for the weekend. The trading range between $1243 and $1293 was characterized by low volatility. The 7-day low at $1095 reveals a massive sell-off and dip. In the last few days, however, ETH has increasingly been able to fight its way back into the technical support area around the $1300 border. The long-term downtrend is intact, the short-term recovery has been completely sold off, causing Ethereum to retest yearly lows.
60% market share in the DeFi sector: decentralized finance as a solution after the FTX crash?
Of the Ethereum Market Share in Decentralized Finance after Total Value Locked is significant. While in June only about 50% of the market shares could be combined on Ethereum, Ethereum is increasingly recapturing Total Value Locked and remains close to the annual high with a current market share of almost 60%. First and foremost, ETH would benefit from a triumph of decentralized finance. But can the FTX Crash help DeFi achieve a breakthrough?
There is no doubt that DeFi could gain popularity again if crypto investors increasingly turn their backs on the CEX and trade on DEX, for example. Still, is caution required? not every DeFi project is truly decentralized. Often there are also those responsible, developers and teams who bring personnel risks into a cryptocurrency. In principle, however, does the train of thought seem correct? because liquidity problems, fraud, abuse of power and much more exist wherever people operate. On the other hand, if blockchain technology is used as a key component, it should be fair and transparent.
Crypto crash brings strong deflation to Ethereum
Although the crypto crash, thanks to FTX and Sam Bankman-Fried, plunged the digital currency market into the next crisis, the result was an exciting event. Because the Ethereum network is really deflationary for the first time. The turbulence exploded Gas fees on the Ethereum networkthat affect the burn rate. More ether was burned than spent. Inflation, which had previously been low, dropped significantly. There are now around 6000 fewer ethers than at the time of the merge. In the medium term, deflation in Ethereum could be very bullish.
New crypto dashboard for safe investing: Avoid bankrupt coins in the future with Dash 2 Trade
Meanwhile, a new presale could attract more and more interest from investors. Because the new cryptocurrency Dash 2 Trade aims to build a multifunctional trading platform that will help crypto traders get all the information they need to find the best coins easily accessible. The scope of features ranges from presale ratings to on-chain data to sentiment scores. Since there is a large amount of data available in the digital world, traders can analyze important information more easily than ever with Dash 2 Trade thanks to AI-based data management. The great interest in the native token D2T is reflected in the high dynamics in the presale and the already almost 50,000 Twitter followers. The earlier investors get involved, the cheaper the D2T tokens are still available.