2022-11-13 10:00:00

Recent Cryptocurrency Falls Hitting Investors Both Big and Small

Investors are affected significantly by the sudden collapse of the cryptocurrency market, particularly a corporation connected to a significant crypto exchange.


One of the biggest cryptocurrency exchanges in the nation is FTX. It just had a $32 billion valuation and is currently declaring bankruptcy. Customers are presently unable to withdraw any funds from the platform.


The FTX crash is harming both large and small investors.


Crypto investor Kimberly, who wished to remain anonymous, said, “If I had an extra $40,000, that would make finding an apartment in San Francisco a lot easier right now.”



Since her landlord was selling the condo she was renting, Kimberly was looking for a new place to live. She claimed that out of the $50,000 she invested in cryptocurrencies, she lost about $40,000 this year.


“Because I did the thing that you’re not meant to do, I am undoubtedly lamenting that loss. Yes, I did invest my money, “Kimberly said.


She didn’t trade through FTX.


However, according to experts, the collapse of FTX, the second-largest cryptocurrency exchange, will further drive down the price of bitcoin and ether, harming investors and the sector.


“Beginning to end, 2022 is a disastrous year for cryptocurrencies, and 2/3 of its market value has been lost. “Professor Ahmed Banafa, a tech specialist and cryptocurrency instructor at San Jose State, made this statement.


He claimed that as the fourth crypto meltdown in the last 12 years, it will further damage the reputation of the sector.


Professor Banafa stated that having too much money will lead to greed and a lack of supervision will lead to people making poor choices.


As a crypto exchange, FTX offered a venue where users could trade, store, and buy digital currencies.


“Every withdrawal has become jammed, and I cannot withdraw money. “Entrepreneur and crypto investor Evan Luthra expressed dissatisfaction.


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