What's next for crypto after last week's FTX crash and burn? CoinDesk spoke with digital-asset market analysts to get their take. Liqquidity reports.
Sean Farrell, head of digital-asset strategy, FundStrat:
"In the past six months, we have witnessed the unraveling of a web of leverage that entangled the crypto space. It started with LUNA/UST, seemingly resolved in the 3AC unwind, only to find that SBF now appears to have been insolvent as well.... We think it is appropriate to wait for lower lows as there is good reason to think that there will be other casualties, which could lead to forced selling or, at the very least, bad headline risk.
may have lent or interacted with either FTX or Alameda and what those exact liabilities are.... BTC could not only retest 2022 lows but touch the $13K level.... We think there is support at $13.5K."This situation is a mess.... One of the largest crypto companies in the industry was playing with customers’ money. An embarrassment for the industry, but it also reminds us of what an unregulated Wild West this still is. The contagion from this will undoubtedly evolve over the next weeks.
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