Being an extensive cryptocurrency exchange, the FTX fallout affected many crypto companies. Several businesses invested in FTX shares, and the crypto community panicked when the CEO announced the data was compromised. The company went bankrupt, and many wonder if the crypto market will ever survive the crisis.
When the incident happened, some investors were hopeful that it would not stir up excess loss. Fortunately, they are correct because the situation has probably been contained. Now, most coins that dipped have stabilized.
Cryptocurrencies running on presale have also recorded more sales despite the FTX downfall. These cryptocurrencies include; Dash 2 Trade, RobotEra, IMPT, and Calvaria. Read on to discover why FTX may be over and why it's safe to invest again.
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Why FTX May Never Rise Again
Unfortunately, the era of FTX is over, as the calamity seems non-redeemable due to the reasons highlighted below.
- Massive loss of company’s revenue
- Liquidity crisis from potential investors
- Lack of trust in the exchange platform
- Lack of trust in centralized crypto platforms
- Frozen asset and its implications
Massive Loss of Company's Revenue
Research shows that FTX lost about $32 billion to bankruptcy. This is a huge loss, as the CEO's net worth was reduced to almost nothing, from $16 billion. Financial experts state that it will be almost impossible for FTX to pull out of this economic crisis.
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Liquidity Crisis from Potential Investors
Being the major competitor to FTX, Binance initially announced buying a significant portion of the company and restoring it. However, Binance backed out of the agreement and chose to sell its 23 million FTT tokens. This led to a liquidity crisis for FTX, as it became clearer that there was no way out of the situation.
Lack of Trust in the Exchange Platform
Even though FTX chooses to resume operations, the crypto community has lost trust in the exchange platform. This is evident from the negative market sentiments on social media when some FTX employees received salaries in FTT tokens. FTT is the native token for FTX, but most people question its authenticity.
Lack of Trust in Centralized Crypto Platforms
Many traders believe the centralized exchange is an old model, emphasizing the need to implement DeFi features. FTX being a centralized exchange, is less transparent. Since people have lost trust in centralized exchanges, it will be difficult for FTX to convince the audience again.
Frozen Assets and Its Implications
FTX assets are frozen by the Bahamas securities regulator, which would significantly affect the flow of revenue. This also led to inadequate funds to meet customers' demands. Thus, investors' assets are also stuck, as withdrawals are limited.
The State of the Crypto Market After The FTX Collapse
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The crypto community has developed an interest in investment and trading again, despite the FTX fallout. However, crypto traders are more interested in making minimal or risk-free decisions. In this case, the coins below are highly recommended by crypto analysts since they have exhibited excellent market performance lately.
- Dash 2 Trade (D2T)
- RobotEra (TARO)
- IMPT.io (IMPT)
- Calvaria (RIA)
1. Dash 2 Trade (D2T)
Dash 2 Trade has survived greatly, despite the recent clash within the crypto market. The cryptocurrency will soon hit $7 million in sales in its presale season. This huge record could only happen for a cryptocurrency that successfully gathered the community's attention.
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The crypto community anticipates much better performance from Dash 2 Trade, as they trust it to be a reliable source of information. Investors and crypto traders will receive updates on listing events, ongoing presales, legit trading signals, and auto-scoring tracks. These features will help people to believe in crypto again.
RobotEra (TARO)
RobotEra is a trading platform that refers to its users as robots. This is because the team looks forward to brilliant and tech-savvy individuals that can explore the creative space. More so, every user can own real estate assets in the ecosystem. Some common properties on the RobotEra platform are; museums, parks, cinemas, and art galleries.
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Even though RobotEra is a new coin, the market value it has pulled so far is alarming. To purchase the native token, TARO, you need some ETH or USDT in your wallet. You must also ensure the wallet is compatible with your mobile device. Every transaction on RobotEra is also secured, and payment options are flexible.
IMPT.io (IMPT)
IMPT is referred to as a green cryptocurrency because its activities are targeted toward solving the carbon crisis. More interestingly, crypto aims to achieve its goal by collaborating with eco-conscious retailers. This increases investors' chance of earning more income by trading, shopping, or burning their carbon credits.
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Since environmental sustainability is a global cause, it is more likely that the IMPT project will continually grow. It has sold over $600 million tokens in its presale, and the price will keep increasing. IMPT will also keep expanding its marketplace by introducing NFT into its ecosystem.
Calvaria (RIA)
Calvaria introduces the Duels of Eternity gaming approach, which allows players to customize their games or projects. Users who are long-term players or investors can also earn in-game resources. These resources will be used to build your games to perfection until it is ready to compete with other users on the platform. Moreover, this feature is available on the Play2Earn gaming version.
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An alternative to Play2Earn is the Free2Earn version, which has limited features. However, available features are accessible to both crypto and non-crypto users. Since this cryptocurrency aims to reach the non-crypto audience across the internet, incidents like FTX fall will have a lesser impact on its growth.
Final Thoughts
With the massive FTX fall, all eyes are on new cryptos that will upscale the crypto market again. Financial experts believe that D2T, TARO, IMPT, and RIA, are the best options. Thus, the market value of these cryptocurrencies will also grow massively in the coming years.
Since the market sentiment is a significant factor that pushes cryptocurrencies' market value, experts' predictions are mostly correct. And the good news is that the mentioned cryptos are still in presale and will explode soon, so make sure to buy them now!
