Grim Year For Crypto Market After FTX Blowup: 'Players In The Space Are Kind Of In Survival Mode'
Portfolio Pulse from Benzinga Neuro
The crypto market is still recovering from the FTX blowup last year, with the market value significantly decreased, NFT trading plummeted, and venture capital deals shrunk. Bitcoin has recovered by 60% this year, trading around $27,000, but remains below the record high of $69,000 set in November 2021. The $3 trillion market has now shrunk to $1 trillion. Legal proceedings against crypto firms like Genesis Global, Celsius Network, Voyager Digital, Three Arrows Capital, and BlockFi Inc. have been mounting. Coinbase Global Inc. is battling SEC allegations, and Binance is embroiled in enforcement actions by the Commodity Futures Trading Commission and SEC.
October 12, 2023 | 4:50 am
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NEGATIVE IMPACT
Coinbase Global Inc. is battling SEC allegations, and Binance is embroiled in enforcement actions by the Commodity Futures Trading Commission and SEC.
The legal proceedings against Coinbase Global Inc. could potentially have a negative impact on its stock price in the short term, as it adds uncertainty and potential financial and reputational risks.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
Bitcoin has recovered by 60% this year, trading around $27,000, but remains below the record high of $69,000 set in November 2021.
The recovery of Bitcoin is a positive sign, but the fact that it remains below its record high indicates that the market is still in a state of recovery. This could lead to a neutral short-term impact on its price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80