Analysts Keep A Strong Eye On HedgeUp To Become The Cryptocurrency Savior After Sam Bankman Destroys FTX
- December 29, 2022
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Analysts are constantly looking for the next significant cryptocurrency to revamp people’s hopes, especially after the damaging impact of the fall of FTX. The focus has been on one major thing: the long-term viability of such crypto coins and positive investment returns. It doesn’t matter if the crypto is a traditional coin, an altcoin, a stablecoin, or something else. They want to know if cryptocurrency has a verifiable mechanism for securing investors’ funds and is a great model to drive broader adoption!
Hence, analysts use a variety of metrics to determine which crypto coin to focus on next. Sometimes a good sign of future success is where whales put their money. This consideration is because these crypto whales conduct so much research and make their living in this manner.
As crypto whales are swimming towards HedgeUp (HDUP), with its presale topping the charts across platforms, the token has been attracting the attention of analysts.
Explore why analysts keep an eye on HedgeUp (HDUP) to become the cryptocurrency savior after Sam Bankman destroys FTX.
FTX (FTT) Liquidity Crash and its effects on Market Psychology
According to the New York Times, FTX (FTT) fell after CoinDesk, a cryptocurrency publication, released a leaked document. According to the paper, Alameda Research, a hedge fund run by Sam Bankman-Fried, the founder and former CEO of FTX, possessed many FTT tokens.
These irregularities led to Binance’s decision to sell its FTX (FTT token) holdings, which caused the value of the FTT to plummet and other operators to stop using FTX to protect their capital. It resulted in approximately $600 million in withdrawal requests in FTX in three days, revealing that FTX had liquidity issues; that is, it did not have the money at the time to handle its users’ money returns.
Due to panic after selling positions in Binance’s FTT and rumors of FTX’s bankruptcy, the fall of FTX led to a domino effect in the cryptocurrency market. When FTX announced that it would restrict cryptocurrency withdrawals, the situation worsened.
In the three days following the bankruptcy filing, the price of FTT fell 90%, from $25 to $2.7. Bitcoin also returned to two-year lows below US$20,000, Ethereum dropped more than 3%, and other digital currencies dropped nearly 5%.
HedgeUp (HDUP) as the cryptocurrency savior after Sam Bankman destroys FTX.
HedgeUp (HDUP) is taking a transparent and community-driven approach to managing funds. This approach will enable it to avoid the problem of financial integrity, as was the case with Sam Bankman-Fried of FTX. The HedgeUp governance mechanism is characterized by a decentralized autonomous organization (DAO) that will manage investment baskets, liquidity allocations, and the overall direction of ongoing developments.
All community members are welcome to join HedgeUp DAO to Keep the truly decentralized community safe and fair. The platform allows community members to share their thoughts on HDUP’s plans and growing ecosystem. Members of the HedgeUP DAO receive additional benefits and have voting rights to influence the project.
Investors are glad HedgeUp (HDUP) is opening a new vista for investment in alternative assets such as gold, diamonds, exotic watches, private jets, and yachts available to everyone. HedgeUp (HDUP) works with established companies and high-end start-ups, while project experts and analysts negotiate and develop contracts with third-party vendors.
After successful negotiations, these assets will be available on the HedgeUp marketplace for investment. As the project places a high premium on the safety of investors’ assets, all alternative assets stay secured in a licensed and insured vault.
Based on the preceding, the use cases of HedgeUp (HDUP) are already electrifying the crypto market, sparking excitement and rekindling interest. The prospects of the HedgeUp (HDUP) token are making the ongoing presale the beginning of a new epoch for cryptocurrencies. It has been looking promising and can only get better.