The sentiment across the cryptocurrency ecosystem remains fragile as market participants assess the impact of the FTX crisis on various businesses within and outside of the crypto sector. Trading firm QCP Capital said in its latest circular on Telegram that crypto assets may continue their underperformance till the new year. QCP projects Bitcoin (BTC) to plunge to $12,000 and Ether (ETH) to $800.
Looking at the brighter side, FTX could be the last major player to bite the dust during the current bear market cycle, according to CK Zheng, co-founder of crypto hedge fund ZX Squared Capital.
Zheng also added that institutional investors who have a long-term horizon may continue to invest in blockchain technology and select cryptocurrencies such as Bitcoin and Ethereum.
Daily cryptocurrency market performance.