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FTX and Bitcoin May Turn the Corner Towards Positive Territory

Story Highlights

The FTX debacle has taken a positive turn as the top management is ensuring to leave no stone unturned in investigating the root cause of the collapse. Meanwhile, Bitcoin prices may have bottomed and could begin to rise again.

The new management of Sam Bankman-Fried-led cryptocurrency exchange FTX is taking every precaution to ensure a thorough investigation into the collapse. FTX is said to have hired highly experienced ex-officials from the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). These men have served in the enforcement team and fraud and cybercrime units at the authorities.

At the crux of the investigation are the “missing or stolen assets” that may have been lost when FTX experienced the run on its customer deposits. In addition, the team will look into wrongdoing, if any, committed by leader Bankman-Fried and his associates that led to FTX’s collapse.

On a rather pleasant note, the closely-knit nature of the crypto world has saved the larger traditional financial world from falling prey to the repercussions of the contagion.

How is Bitcoin Holding Up Post-FTX Fiasco?

While the price of the largest cryptocurrency, Bitcoin (BTC-USD), has cratered over 70% in the year to date, ace hedge fund manager Cathie Wood is suggesting that BTC will reach $1 million in value by 2030.

In November alone, BTC lost 19% of its value when it breached the $16,000 mark for the first time this year. However, with the bankruptcy filings of several crypto firms, traders are assuming the worst is behind us. BTC has held up above the $16,000 level in the last two trading days, thus showing resilience to any negative news.


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