Jeff Dorman News

Key Takeaways

Ether and many of the higher profile altcoins such as Solana and Dogecoin remain under pressure while investors turn elsewhere with the sector still reeling after its biggest-ever hack last week.

Bitcoin Cash (BCH) faced a substantial downturn last week, plunging 20%, marking its steepest decline since April.

«The worst day of my career, and one of the worst days of my life — the day FTX froze withdrawals,» is how Travis Kling, who runs Ikigai Asset Management, described it in a series of tweets on Nov. 7. Four days later, Sam Bankman-Fried's exchange filed for bankruptcy, ushering in arguably the darkest days in crypto's history. «The first weeks were incredibly brutal. I didn't sleep much at all. Feelings of terror, guilt and shame. We laid off most of the team,» Kling wrote. A year on, the industry is irrevocably altered — while at the same time in many ways rem arkably familiar. Mostly gone are the giddy day traders and the abundant leverage that drove Bitcoin to its November 2021 high at close to $69,000. Same for celebrities and social-media influencers peddling nonfungible tokens and memecoins. Regulators determined not to get caught off guard again are tightening their grip. And large financial firms like BlackRock Inc. are moving in, drawn by the prospect of the US Securities and Exchange Commission giving its first blessing for an ETF investing directly in Bitcoin.

Bitcoin’s price declined 5% in one hour on June 5 after the United States Securities and Exchange Commission (SEC) filed a lawsuit against Binance on allegations of violating federal securities laws. Even though the $25,500 support held for Bitcoin, investors are still digesting the potential impacts of the regulatory action, which also involves Binance CEO Changpeng “CZ” Zhao.

Digital assets will largely decouple from traditional equity markets in 2023, says Chief Investment Officer at Arca, Jeff Dorman.

Investors saw the crypto market factoring in the geopolitical tensions involving Ukraine and Russia into its cumulative capitalization.