Cardano Price Forecast as $800 Million Trading Volume Pushes ADA into the Green – Time to Buy?
The Cardano price is bouncing back after falling in response to the FTX-triggered crash in the crypto market this week. The smart contracts token unceremoniously cracked support at $0.3810, opening the door to overarching declines that saw it plunge to $0.3090. ADA now trades at $0.3410 amid a unanimous push by the bulls to close the day above the critical $0.3810 level. However, its rally may be short-lived given the risk-off market sentiment.
This week's crypto meltdown has the crypto exchange linked to Sam Bankman-Fried (SBF) written all over it. A liquidity crunch forced the exchange to suspend withdraws, drawing attention to the behind-the-scenes of one of the leading crypto exchanges in the world.
It is alleged that SBF diverted around $4 billion of FTX funds, backed by various tokens like FTT and shares in Robinhood, to his trading platform, Alameda Research.
As per a report published by Reuters on November 10, some of the funds moved from the exchange were customer deposits. It is believed that SBF did not inform other top executives at FTX as he repurposed the funds, although the value of deposits could be calculated.
Meanwhile, the latest updates in SBF's saga reveal that FTX Australia and FTX exchange, the subsidiaries of the embattled FTX, have started engaging administrators. CoinDesk reported on Friday 11 that the entities did so after SBF failed to attend a board meeting.
After the local directors handed over the firm's operations, the KordaMentha administrators started reviewing the crypto exchange's records to determine whether there were sufficient assets to repay local consumers.
There could be a silver lining if the Managing Director of Bitget, Gracy Chen, goes ahead with the plan to help Almeda access
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