Cryptocurrencies shaken by the FTX drama [Video]

Ipek Ozkardeskaya Swissquote Bank Ltd

US stocks gained, the US yields and the dollar slid on the expectation that a divided landscape from the US midterms would support stocks, and soften the dollar.

From an investor point of view, a Republican win in both chambers is a good outcome for the stocks. And even a divided government, which we will sure get, is better for the stocks than a Democrat win.

In cryptocurrencies, there is a drama going on between Binance and FTX, which are two big cryptocurrency exchanges, and that’s causing a renewed trouble across the crypto sector.

Bitcoin fell 10%, below the $20K mark, Ethereum fell near 15%, although the October support hasn’t been damaged yet, and more volatile and more speculation-sensitive tokens fell even sharper. Dogecoin for example lost 20%. What will happen from here?

Author

Ipek Ozkardeskaya

Swissquote Bank Ltd

Ipek Ozkardeskaya began her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked in HSBC Private Bank in Geneva in relation to high and ultra-high-net-worth clients.

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