prices cryptocurrency

The collapse of FTX has been an absolute disaster for the cryptocurrency industry, which is sure to face a lot more hardship in the coming weeks and months as the contagion spreads to other companies.

FTX causes chaos in the cryptocurrency space

It already seems that BlockFi has now collapsed, given that after being bailed out by FTX previously, they had decided to hold their clients’ funds on the platform. This will be an additional $3 billion of value that has been destroyed by the implosion.

Sequoia Capital has also announced that they had exposure to FTX, and they are going to struggle to make payments to their investors in the future.

It could well be possible that they are also now completely insolvent given the scale of their loans to FTX (over $1 billion).

Furthermore, Galaxy Digital has announced that they had of $76m of exposure to FTX, which is now also completely worthless.

The contagion will continue to unfold over the course of the next few weeks and months, as the ramifications of the crypto contagion become clearer.

CPI data comes in at 7.7%, but cryptocurrency doesn’t recover

Inflation has been shown to have dropped slightly in the United States from 7.9% last month to 7.7% this month, which is now the lowest level since January.

Core CPI (excluding the cost of petrol and housing) came in at 6.3%, whereas the projection was 6.5%.

These statistics demonstrate that the interest hikes may be working as intended, and inflation could well be coming under control.

This has been perceived as bullish for the broader markets, with stock markets performing relatively well and recovering somewhat on the news.

However, this hasn’t been reflected in the crypto market recently thanks to the effects of the FTX collapse.

Greater transparency is coming to the industry

Crypto.com, Binance, Kraken, KuCoin, and others have now vowed that they are to be publishing proof of reserves in a bid for greater transparency.

This is a hugely important development, because it means that if the industry voluntarily matures in such a way it will be far less likely that regulators will scrutinise the industry so heavily.

Alternative projects in the cryptocurrency space

Nevertheless, there are some silver linings to this chaos, and there are some small caps that may have a better chance at weathering the storm simply thanks to their lack of exposure to the FTX contagion and the fact that their relatively small market caps mean they have significant potential to grow.

1. Calvaria: Duels of Eternity (RIA)

Calvaria is a brand new play to earn gaming system launching across multiple blockchains (but primarily Polygon) and is making consistent progress with their presale, having now raised $1.6m

Their native cryptocurrency, RIA, operates as the lifeblood of their ecosystem, as well as the governance token for the platform.

The price of the RIA token is gradually increasing throughout the presale, and is currently being sold for $0.025. By the final stage of the presale, the price will have risen dramatically to $0.055.

2. Dash 2 Trade (D2T)

Dash 2 Trade is a brand new trading signals platform that has now raised $5.8m as part of their presale, going from strength to strength over the course of the last two weeks.

The D2T cryptocurrency is used as the means for subscription to be paid to the platform: 400 D2T is required for a monthly subscription to the starter tier, and 1,000 D2T is required to be paid monthly for the professional tier.

Those who wish to can now participate in their presale on the website before the price rises further from $0.0513 to $0.0533.

3. RobotEra (TARO)

RobotEra is a brand new sandbox-style metaverse in which gamers assume the role of a robot, and have the opportunity to build whatever they please on their virtual land.

The project is trying to compete with industry leaders such as Sandbox, and thus far has been enjoying success in the speed with which its presale has been selling out.

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