With the collapse of FTX, the cryptocurrency market experienced one of the worst weeks in history. Now, “the best days are ahead,” an alt whale says.
FTX crash wipes these altcoin projects off the market
The cryptocurrency market took a historic hit with the bankruptcy of FTX in November. Bitcoin and Ethereum have more than paid off all the gains they’ve barely made in recent weeks. Apart from the FTX Token, Solana in particular is about to be wiped out with over 60% depreciation. Solana is currently trading at #14 by market cap. He completely walked away from the top 10 in the FTX crisis. FTT, on the other hand, is ready to disappear completely, trading below $2.
Altcoins that were less affected by the crash than others were Cardano and Polygon. Despite serious losses, ADA managed to maintain its position. Now a large Cardano whale says “best days ahead for Cardano” during the price drop.
What sometimes gives me pause is people lost money in ADA too. We can talk about science, security, decentralisation but end of day the result wasn’t that diff from VC scams. Disheartening but input ≠ output. Enron was also a stock, Madoff a fund. Implicates Amazon nor Vanguard
— ADA whale (@cardano_whale) November 12, 2022
The above crash was all about FTX’s bankruptcy. The Bahamas central exchange stopped withdrawals earlier this week. It then declared bankruptcy on Friday. Binance’s refusal to buy was the development that made the collapse certain.
“Best days ahead of Cardano…”
Prices are still under pressure with the bankruptcy of FTX and the resignation of CEO Sam Bankman-Fried. Analysts think that the situation of the damage will change with additional developments in the coming days. Twitter account ADA Whale, a Cardano whale, says that the altcoin project will successfully recover from the crash in the coming periods:
What stops me sometimes is that people lose money in ADA as well. We could talk about science, security, decentralization, but at the end of the day the result was not much different from VC scams… In summary, we are RADICALLY different, although the result may seem the same in the short term as everything is sucked up in the whirlpool and there may be superficial similarities (Blockchain, crypto). And this will show long term. The best days ahead of Cardano…
What sometimes gives me pause is people lost money in ADA too. We can talk about science, security, decentralisation but end of day the result wasn’t that diff from VC scams. Disheartening but input ≠ output. Enron was also a stock, Madoff a fund. Implicates Amazon nor Vanguard
— ADA whale (@cardano_whale) November 12, 2022
ADA Whale is not happy with Cardano’s price performance throughout the year. He says that as long as the market remains under pressure, Cardano will not be able to recover from it. However, he says what matters will be the long-term gains. According to the Cardano whale, “the best days are ahead of Cardano”. Whale has previously said that Cardano will rise as big tech giants enter the market.
Charles Hoskinson expressed his satisfaction that “Cardano” was not mentioned in the midst of the ongoing crisis. Before the crash, ADA was the only popular cryptocurrency not listed on the FTX exchange. Meanwhile, popular Youtuber Bitboy was one of the first to warn at FTX that the potential liquidation of ADA could lead to tragedy.
Sam Bankman-Fried under surveillance
cryptocoin.com As you follow, some sources are reporting that FTX executives are currently caught in the Bahamas. FTX executives, who mishandled million-dollar client funds, were caught trying to ‘escape’ to Dubai.
