Trader speaks about the expectation of the growth of the cryptocurrency market
The main crypto coin is in a narrow flat with $16,800–17,200 borders. If the BTC exchange rate returns to levels exceeding the summer low, it will be possible to conclude that the crypto market will fall amid the bankruptcy of FTX as an extension of a significant flat trend, Vadim Shovkun, founder of the Crypto Shaman project, believes.
“The quotes of the first cryptocurrency remain above the PoC. The abnormal volume on November 22 can be characterized as buying. Subsequently, the major player did not close their long positions. Attention is also deserved by attempts to update local highs, the last of which was observed with a minimum volume. This indicates that a major player did not hold back the price,” the expert noted.
According to him, at present, market participants expect “a rebound from the lower border of the narrow flat and a transition to growth.” At the same time, the expert admitted that the price of bitcoin could consolidate below $16,550.
In such a scenario, it is possible to update the bottom with a subsequent rebound. At the same time, there are no prerequisites for a strong decline to $9,000–12,000.
However, the situation in the digital asset market does not prevent some players from continuing to invest in the industry. Robinhood CEO Vlad Tenev says the share of the project in the crypto market has grown over the past weeks. This happened against the backdrop of the collapse of the FTX exchange, to which the company has nothing to do.
Interestingly, Sam Bankman-Fried owns a 7.6% stake in Robinhood, but Tenev stressed that “these are public shares that anyone can buy.” He also opined that the developments around FTX open up new opportunities for Robinhood.
“These developments weed out weaker companies that have invested less in risk management and compliance,” Tenev said.
Robinhood intends to expand the functionality of the crypto wallet so that users from different countries will get access to it in the near future. According to Tenev, “cryptocurrency is here to stay.” According to the company’s own data, more than 1 million people around the world are waiting for access to the Robinhood wallet.
