• FTX exchange’s former CEO, Sam Bankman-Fried, is being investigated for fraud by Turkey’s authorities.
  • Treasury and Finance Minister Nureddin Nebati revealed seized the assets of Bankman-Fried and other affiliates amid the investigation.
  • Bitcoin price crash is getting undone slowly as the big crypto is currently hovering around $16,500.

FTX exchange is now under the watchful eyes of Turkey’s authorities, as revealed by the country’s finance minister on November 23. The bankrupt exchange, FTX, has been at the center of regulatory oversight from multiple countries after filing for bankruptcy on November 11. 

The collapse of the third-largest cryptocurrency exchange by volume created ripples in the cryptocurrency space that caused many interconnected companies and projects to face an issue. Millions of user and employee funds are now stuck on this exchange as it proceeds with bankruptcy filings. 

Turkey wants a piece of defunct exchange FTX

The Turkish Treasury and Finance Minister Nureddin Nebati revealed on November 23 n investigation into Sam Bankman-Fried, the former CEO of FTX exchange. The authorities also announced that they had seized the assets of Bankman-Fried and other affiliates amid this investigation.

The probe launched by Financial Crimes Investigation Board is an addition to the long list of authorities that currently includes the US, Bahamas, Singapore and so on. 

FTX exchange’s downfall has caused authorities worldwide to signal caution and highlight the risks involved in the cryptocurrency ecosystem. Nebati added that investors, retail and institutions, should approach this space with “maximum caution.”

FTX fallout felt in Singapore’s sovereign wealth fund GIC

Singapore’s sovereign wealth fund GIC is one of the infected entities after the FTX exchange implosion. Due to the collapse of SBF’s empire, Digital Currency Group’s subsidiary Genesis Global Trading is now facing liquidity issues.

After the winddown of the FTX exchange, many players in the industry faced liquidity issues, and Crypto lender Genesis was one among them. As a result, the subsidiary halted withdrawals on November 16. On November 23, however, it was revealed that the company had loaned $575 million to DCG, which would be due in May 2023.

GIC, along with Softbank, and Google’s Capital G, were participants in DCG’s $700 million fundraising that took place in November 2021. Singapore’s sovereign wealth fund stated that volatility in its investments would remain high in the short term.

Bitcoin price crash comes undone

Over the last 48 hours, Bitcoin price has kick-started a recovery rally as it bounced from $15,500 to $16,800. This upswing is likely to continue toward $19,000 if the bullish momentum continues to hold.

A flip of the key resistance level at $17,600 is necessary for BTC to revisit $19,000. 

BTC/USDT 1-day chart

BTC/USDT 1-day chart

A breakdown of the $16,320 support level will induce fear among investors, who could offload their holdings, triggering a reversal. If the sellers take control and flip the $15,500 support floor into a resistance level, it will invalidate the bullish thesis and trigger a crash to $13,575.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Can Shanghai hard fork propel Ethereum price to $1,500

Can Shanghai hard fork propel Ethereum price to $1,500

Ethereum price spiked up by 6% on December 8 after a brief consolidation. Ethereum (ETH) price shows a strong comeback as it follows in Bitcoin’s footsteps. This uptick coincides with ETH developers announcing the Shanghai hard fork release in March 2023.

More Ethereum news

US Senators introduce bill mandating crypto mining firms to report CO2 emissions

US Senators introduce bill mandating crypto mining firms to report CO2 emissions

Bitcoin has been the face of the crypto market and the Proof of Work (PoW) consensus method. But at the same time, it has also been the face of excessive energy consumption, sparking debates about curbing the impact of digital assets.

More Bitcoin news

Ethereum “Shanghai” hard fork set for March 2023, enabling users to withdraw their staked ether

Ethereum “Shanghai” hard fork set for March 2023, enabling users to withdraw their staked ether

Ethereum is seemingly in a development streak ever since the network first experienced its biggest upgrade this year. The Merge, initiated the transition of the network from PoW to PoS, is set to be pushed further with “Shanghai”.

More Cryptocurrencies news

Dogecoin vs. Shiba Inu: SHIB price to overthrow DOGE and rally 40%

Dogecoin vs. Shiba Inu: SHIB price to overthrow DOGE and rally 40%

Dogecoin price has been outperforming the Shiba Inu price, but circumstances are subject to change. If market conditions persist, SHIB could gain market control and rally while DOGE heads for lower targets. Dogecoin price pulled off an astonishing uptrend rally during the fall.                                    

More Dogecoin news

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

A massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. In this weekly forecast, we will take a look at Bitcoin’s monthly performance for the last decade and determine if this bullish outlook is possible. 

Read full analysis

BTC

ETH

XRP