Cryptocurrencies: Have they bottomed out?

Tiger_AU
2022-12-14
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Hey Aussie,

The crypto industry remains mired in a deep downturn after a $US2 trillion rout in digital assets over the past year. The slide has been pockmarked with a series of blowups of which FTX, once valued at $US32 billion, was perhaps the most damaging.

Binance Holdings, the dominant cryptocurrency exchange, has been hit by large outflows as traders move to take custody of their tokens amid revelations that rival FTX may have misused customer funds before its November implosion.

Net outflows of digital tokens from Binance amounted to about $US3.7 billion ($5.4 billion) in the past week, including almost $US2 billion in the last 24 hours, according to data from research firm Nansen as of 9.20am on Tuesday in London.

What do you think about cryptocurrencies？

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Please leave a message in the comments section of this post, and share your insights about crypto industry. 💸💸

  • What is the current state of cryptocurrency? Have they bottomed out?
  • What do you think will be the future trend in cryptocurrencies?

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⏰Activity Duration

14 December 2022-21 December, 2022

Focus on FTX Bankruptcy
How did a company valued at $32 billion go bankrupt almost overnight?
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Comments

  • LMSunshine
    2022-12-14
    LMSunshine
    Win 100 Tiger-coins
    Thanks @Tiger_AU for yet another interesting discussion topic❣️I think that Crypto is still very unstable at the moment and may face further downward pressure as the FTX saga is still very fresh in investors’ minds. Moreover a lot of Aussies lost money in Crypto. Investors are very cautious now especially because of worrying signs for recession in Europs and possibly US. I‘m short-term bearish🐻 for Crypto but it might come back to popularity once again. Thanks @Jadenkho for tagging to share with all of us🥰
  • Frisbee
    2022-12-15
    Frisbee
    Win 100 Tiger-coins
    Despite we saw a sharp downturn in crypto’s prospects this year, cryptocurrencies must still be the future, as they offer just too many benefits to write off. By bypassing banks and other centralized financial authorities, cryptocurrencies offer greater financial inclusion and accessibility — anyone with a device can create a cryptocurrency wallet in a matter of seconds, without the need for an ID or good credit scores. Due to the decentralized nature of the blockchain, crypto offers enhanced security and privacy. Lower transaction costs are yet another benefit. While you may be required to shell out a hefty sum for wire transfers facilitated by banks, you can transfer money across the world in seconds for a fraction of the cost using crypto. @deal2deal
  • Hayz
    2022-12-15
    Hayz
    Win 100 Tiger-coins
    Cryptos are in WINTER now.  It is because of the multiple failures (centralised "crypto companies" and leverages are the main cause).  Bad actors....  Crypto may bottom only after the various stock exchanges stabilise, but I think it is near.
    The future of crypto is bright with the young generation growing up with it!  Use cases are plenty (which is why the respective incumbents will defend at all cost).  Blockchain, web3 all coming... watching how Elon gonna do the Twitter jigsaw and if he is successful, full speed ahead!
  • fxaw
    2022-12-15
    fxaw
    Win 100 Tiger-coins
    I do not understand why do you believe cryptocurrency, except you just want to take the early profit and go away.
    If a country's currency can be attacked by Soros, what do you think the safety level of the cryptocurrency?
    For the other point, you want to be free from the world's order but you actually will be reigned by the whales (which probably worse than the world leaders).
  • Velkh
    2022-12-16
    Velkh
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    Well, as for the crypto, I am more than sure that it will take a while until we accept it as something reliable. I know that people will start fighting for bitcoin and stuff, but I am still sure that we won't see it as a normal currency because its volatility and risks of getting simply banned by the government. The reacent situation with FTX doesn't help much to bring popularity and stability to crypto coins eather.
  • Lawrence tot
    2022-12-16
    Lawrence tot
    Win 100 Tiger-coins
    我全部抛售了，加密货币可能回暖，但即使回暖也不能产生像以前那样百倍暴增的机会，是时候冷静观察
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