Sam Bankman-Fried, the disheartened owner of FTX, apologized on Twitter on Thursday as his cryptocurrency exchange teetered on the brink of collapse. The news is already well out and known.
But how does it affect retail traders? If you’re not an FTX user who got their funds stuck in the mishandling of retail funds. you can definitely stack more sats.
Amid the fear and uncertainty created by the collapse of one of the biggest crypto exchanges in the industry, you should also be looking for other alternatives, one of which can be BYDFI.
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What is BYDFI?
One of the most well-known bitcoin exchange platforms would be BYDFI. It was founded in 2019 and is headquartered in Singapore.
All of the platform’s traders have access to simple, quick, and secure crypto-asset exchange services. More than 150 nations’ 500,000 people are on the exchange.
Additionally, it offers all traders simple deposit and withdrawal choices, service diversification, duplicate trading possibilities, and many more.
Bitcoin (BTC) Price Analysis
After the recent fall of the major crypto exchange FTX leading to the Lehman moment of crypto, bitcoin saw a staggering downfall of over 10% in a single night.
However, this might be another opportunity to keep stacking your sats.
BTC is in the formation of making a bullish bat pattern, whose PRZ (potential reversal zone) is coming at $15,885.
There is complete indecision in the market and the Crypto market is working opposite to the S&P 500 after a long time because of the FTX issue.
Things are going to settle soon and a big pump can be seen in the crypto market after that manipulation moves finish as we are also in the last corrective wave in which such kinds of things happen that create extreme fear in the market.
Ethereum (ETH) Price Analysis
Along with BTC, every other crypto tanked the same, and ETH did as well. Even after major speculations of a big pump after the merge and major conspiracies around the Flippening, nothing really did happen.
But can this just be the starting of a slingshot move we’re about to witness? We do know that ETH is going to be valuable in the future, however, the question here is that what would be the right price to stack more of it?
In a daily time frame, the price has broken the resistance trendline and also retested the trendline.
Crypto is a trending topic in the finance world. Many cryptocurrencies are gaining popularity and the question of whether they will grow or not is on everyone’s mind. Polygon crypto has a high potential to grow this winter, with its recent price surge of over 30%.
Polygon is quickly solving the problem of moving Web2 consumers to Web3. They have been successfully used by some big names like Starbucks, NuBank, Reddit, DraftKings, and Robinhood Markets.
Polygon token (MATIC)’s rally reached 30% in two days after Meta said they will introduce the Mint toolkit on Instagram. The toolkit is designed to help people make and sell new, non-fungible tokens (NFTs) based on Polygon.
In a daily time frame, the price is moving inside the horizontal support zone. Currently, the price is trying to break its support zone. if it breaks its support then it can go downward. we have to wait for further price action.
Discipline and Patience are the most critical components of a successful trade. According to the above analysis, the coins we discussed might make you decent gains if other market conditions prevail favorably. Again, it’s your hard-earned money that you’ll be using. Do Your Own Research before investing.
Disclaimer: Our analysis is for educational purposes.