Swiss bank UBS recommends caution with digital currencies, highlighting concerns arising from both general economic conditions and specific problems in the digital currency sector.
UBS analysts note that coercive actions by central banks to curb inflation by raising interest rates have significantly reduced growth prospects and appetite for investment, which is having a significant impact on areas such as digital currencies, which are strongly linked to volatile technology stocks.
They also observed a "significant increase in the synchronization of Bitcoin's price movements with these stocks throughout the year."
The report highlights the turmoil in the digital currency market caused by certain events, including the failure of the Terra Luna digital currency, which started a series of bankruptcies in the industry.
This wave of bankruptcies engulfed major platforms such as Celsius and investment funds such as Three Arrows Capital. Additionally, in November 2022, the collapse of FTX, previously the second largest digital currency exchange in the world, and its associated trading company Alameda occurred.
“FTX's bankruptcy was particularly damaging due to its broad reach in the digital currency network and its previous involvement in supporting other distressed companies,” the report also states.
The collapse of FTX and Alameda not only affected their own operations, but also had a negative impact on their associated businesses and investment entities, including Genesis' $175 million financial exposure.
The UBS research paper also examines the sharp decline that followed the collapse of FTX, focusing specifically on the negative effects on Solana (SOL) and the entire venture capital landscape.
According to the report, "Through Alameda, Bankman-Fried has made direct investments in a number of digital currency projects, including Solana. In early November, Alameda disclosed that SOL was valued at over US$1 billion, accounting for an estimated 10% of the total market capitalization ."
PLEASE READ CAREFULLY FOR A GIFT OF 10 DOLLARS.
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Now I will tell you how to receive your gift. First of all, Binance users who have registered with someone's reference and actively use futures transactions will unfortunately not be able to benefit from this promotion.
So who will benefit?
Our friends who have not activated the futures section yet, while activating your FUTURES trading section, you will earn 10 dollars when you open it by entering my reference code 88623008.
I EXPLAIN IN DETAIL.
My brothers and sisters who have become a Binance member without reference, please listen carefully;
When you do what I say, you will receive 10 USDT.
Enter the Futures Section from your application,
On the next screen, open your account by entering the code 88623008 in the REFERENCE CODE section,
My brothers and sisters who want to complete this transaction and receive the 10 USDT reward by MAY 1 can do so. After activating your account, all you have to do is open your first futures transaction.
The first 1,000 brothers to open a 200 USDT transaction by MAY 1 will receive a 10 USDT reward.
So let me give you a tactic like this: Even if you open and close 20x with a $5 transaction, you will be entitled to the reward.
However, even if you do this after May 1, your reward will not come. So get it done by May 1st. In fact, right now I say you can fix it in 5 seconds.
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WHEN WILL THE AWARD COME?
Your 10 dollar reward will arrive in the REWARDS section of your Binance application within 30 days, starting from May 1st. By activating it from there, you can use your reward of 10 dollars, or more than 300 liras, in futures transactions.
You can help your friends in need by sharing this post.
BY THE WAY, MY BROTHERS, PLEASE DON'T MISS YOUR LIKES. EVERY SHARE IS FOR YOU. SO DON'T WITHHOLD YOUR SUPPORT. DON'T FORGET TO FOLLOW IF YOU HAVE NOT FOLLOWED YET. KIND REGARDS.
