The next target for Bitcoin is $10,000, which would inflict more pain on the already suffering industry.
2. Shockwaves from the collapse of the FTX crypto exchange are still being felt, with lending firm BlockFi the latest victim.
3. Other high-profile entities, such as Genesis Global and Gemini, are also under increased pressure, fueling concerns of more casualties in the market.
The shattered trust in the crypto industry has had a negative impact on the price of Bitcoin (BTC), which has plunged from above $21,000 to the current level of slightly above $16,000.
2. Zhong Yang Chan, head of research at CoinGecko, told Decrypt that Bitcoin seems to have found a support level post-FTX collapse at about $16,000.
3. Chan is actively tracking the fallout from FTX—specifically, the potential Genesis bankruptcy and further ripple effects from that.