Mayhem on the Crypto Ecosystem as the Bankman-Fried Dominion Falls

In the wake of the attack on Sam Bankman-Fried’s and Alameda enterprise, the cryptocurrency market is in the negative.

The last three days have seen a significant erasure of the profits earned by cryptocurrencies during the previous two weeks as Sam Bankman-Fried’s cryptocurrency exchange and the Alameda Research cryptocurrency trading firm have started what may turn out to be a dramatic crash.

If this hypothetical crash occurs, the crypto market would yet again have to deal with the consequences of a major player going out of business and all the negative effects that would inevitably follow.

Bitcoin (BTC) and Ethereum (ETH) 

Subsequently, on the closure of November 7, Bitcoin (BTC) has fallen by 6%, but it has now recovered and is now just under 4%. This values it at $19,770, which is still below $20,000, the crucial psychological threshold.

Technically speaking, the shorter term RSIs are reverting to the end, so there may be a chance for a shift back upward over the next few days. However, given the severe instability of the $FTT token, more fall should not be ruled out.

The 8.7% decline of November 8 in the price of Ethereum (ETH) brought it back to the $1,400 level. The current attempt is to keep it above the descending trendline that was established in November of 2022. If the trendline is maintained, this would cost $1,500 approximately.

FTX (FFT) and Solana (SOL)

The FTX token, FTT, dropped to $21 today. Hence , the price fell to $15. It has since rebounded to about $18, in a manner of hours.

On Tuesday, Solana (SOL) fell as short as $25, a 15.5% decline.  The token is going for slightly above $28 at this time.