Crypto ecosystem loves the projects that rebirth from the ashes. As it has always happened, we are looking for the time that LUNA, FTX, and many other formerly popular projects to come back. Why do people carve for it rather than focus on the new and promising ones?
The tokens such as LUNA and FTT are still held by thousands of people with the expectation of a rebirth. Actually, the majority of these people have lost their funds during the crush of LUNA or cease of operations by FTX. As, in both cases, their money is owned by exchanges now, the customers first start by complaining and seeking justice.
What has happened in crypto is that people try to assess a fair value for the tokens that are oversold. However, keeping FTX or LUNA at some strong levels has no reasonable explanation unless the hodlers enjoy their "investment" like a gamble.
Yesterday, SBF of FTX was accused of fraudulent actions by using the money of FTX users.
It took too long for SEC to realize and take an action for him and his team. Billions of dollars has disappeared directly because of their actions.
Reality Hurts But They Will Come Back
In my opinion, FTX and LUNA are likely to be the Phoneix in crypto. LUNA has changed its shape a lot but the community did not give up supporting it. To be honest, I've never invested in LUNA or UST but I've always had a huge respect to the team for gathering such a community even after the collapse. Now we have different LUNAs, different visions but some improvements over there.
When it comes to FTX, its impact on crypto is massive.
Take a look at the sell off on the 9th of November. It dropped drastically to $5 with a huge dump. Yet, do you realize the slight increase in the price since the mid of December?
FTX has never tested below 82 cents and now it is traded for $2.24 as of writing. Let me tell you something, the arrival of Bull run will also happen with the rebirth of FTX!
I expect 3 things to happen for the next bull cycle and 2 of them are directly related to FTX.
- FTX will start operating back as before
- The losses of customers will be partially or fully covered
- Genesis Trading FUD should be over for a bull-run
What are your requisites for the next bull run?