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Crypto billionaire Sam Bankman-Fried believes the bottom is in

  • Raoul Pal and Samuel Bankman-Fried agree that the crypto plunge is behind us and the bottom is in after the recent drawdown. 
  • The FTX CEO believes that there won’t be another shoe to drop in the crypto carnage and the worst is now behind us. 
  • Bitcoin and Ethereum bounced back and recouped their losses, posting double-digit gains over the past week. 

Sam Bankman-Fried assured crypto investors that the bottom is in and the drawdown is behind us. There won’t be another shoe drop as Bitcoin and Ethereum recoup their losses. Raoul Pal agrees with the FTX CEO, believes that we may have reached the bottom. 

I think the shoes have dropped: Sam Bankman-Fried

Samuel Bankman-Fried, crypto billionaire and CEO of FTX is certain that all the shoes have dropped and the cryptocurrency market has hit bottom. Investors are now scraping the bottom of the barrel as Bitcoin, Ethereum and altcoins recoup their losses and begin their recoveries. 

The FTX CEO is most excited about developments in web3 and payment platforms and consumer market structures. Sam Bankman-Fried was quoted as saying, “I think the shoes have dropped.” The CEO referred to the current crypto market scenario where he believes the bottom is in. Since July 18, analysts have noted a recovery in Bitcoin and Ethereum and the overall crypto market capitalization. The Total Value Locked in Ethereum, Cardano, Avalanche and the DeFi ecosystem has climbed. In conversation with Raoul Pal, the CEO and co-founder of Real Vision, the FTX CEO said, 

I think the shoes have dropped and we're in a, 'well, let's see what happens with the world' type situation. But I don't feel totally confident in that, and obviously not financial advice.

Raoul Pal and Bankman-Fried are certain that a $2.9 trillion drop in crypto market capitalization is an indicator of the bottom, and this scenario is not unique to the sector. The expectation of interest rate hikes has triggered a domino effect across stocks and cryptocurrency markets; now that the event is priced in, assets in the top 30 have started their recovery. 

Bankman-Fried told Pal that the first casualty of the crypto bloodbath was the Terra LUNA-UST collapse. The FTX CEO noted that higher-than-expected effective leverage by investors is one of the leading causes of the downturn in the crypto ecosystem.

Bitcoin eyes $25,000 in the current cycle

Analysts at FXStreet evaluated the Bitcoin price trend and noted that BTC attempts to overcome the 200-week MA. Bulls are targeting the $25,000 level in the ongoing uptrend. For more information, check this video:

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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