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According to leaked documents, FTX revenues grew by 1000% in a single year.
FTX was one of the few crypto exchanges that had a front row seat to the crypto hype in 2021. This was back when Bitcoin ( BTC_) and other cryptocurrencies reached their highest. According to internal documents, FTX’s revenue grew 1000% in 2021 due to massive customer onboarding, partnerships and sponsorships.
CNBC claimed access to documents in financials for FY 2020-2021.
The revenue breakdown shows a 1842.85% rise in operating income for FTX from $14 million up to $272 millions in one year. The net income of the crypto exchange was $388 million, an increase of 2182.35% over last year’s $17million.
According to reports, FTX made $270 million during the first quarter 2022. The exchange’s performance during the crypto winter has yet to be disclosed. Despite the excellent first quarter performance, the crypto winter has likely had an impact on the growth trajectory due to multiple market crashes.
Further, the report claims that FTX had $2.5 billion in cash at the end of 2021 and a 27% profit margin.
Cointelegraph has yet to hear back from FTX on its request for comment.
Related: FTX US is among five companies that will receive cease-and-desist letters from FDIC
Binance CEO Changpeng Zhao has recently expressed concern about jitters. This is a phenomenon in which an existing trade order is delayed to make way for newer trades.
I just learned a new term, jitters. Sometimes your orders may be delayed for a while on one exchange. However, other orders may come in. This happens so often on an exchange that traders invented a term for it: jitters. (Front running)
— CZ Binance (@cz_binance).
August 19, 2022
Although CZ didn’t explicitly target any specific exchange during the discussion it did assume that it was aimed towards FTX. “All of you guys knew, and didn’t mention anything. He added that we must fight the bad players.
FTX was among the many crypto exchanges with a front-row seat to witness the crypto hype...
Bitcoin price drops 6%, trader says.
As the culmination of a week-long sideways action, Bitcoin ( BTC), fell quickly on Aug. 19, disappointing bulls.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
New lows are “just a matter”
Data from Cointelegraph Markets Pro, TradingView showed that BTC/USD dropped 6.2% in an hourly candle.
Reacting, traders believed that a rebound would allow consolidation higher than the current spot price levels (which were below $22,000 at the time this article was written).
“Well, I hope that it was liquidity seeking, otherwise, it’s over,” a sad Crypto Chase said to followers.
Crypto account Il Capo, a fellow account, had long predicted a return at lower levels. He was now content with new lows being “just an issue of time.”
He warned that consolidating below $22,500 would be “very bearish” in his most recent update.
$BTC
Second option is available. A test of 23500 resistance is a great selling opportunity.
A consolidation below 22500 (clean break + using the level of resistance) would be extremely bearish = 21k and lower
It is only a matter time before we see new lows. https://t.co/MzxrDCZuiZ pic.twitter.com/I5PatYduNW
— il Capo Of Crypto (@CryptoCapo_)
August 19, 2022
Venturefounder , an analyst, stated that any price below $23,000 would make Bitcoin a reasonable price to purchase in the long-term. He also said that it was unlikely that Bitcoin has exited its bear markets so far.
He argued that the relative strength index (RSI), which is still at all-time lows, showed how much BTC/USD was being oversold.
However, there were signs of buying emerging below key Bear Market support levels such as the 200 week moving average or key whale entry level.
BTC/USD 1-week candle chart (Bitstamp) with 200-week moving average. Source: TradingView
CryptoQuant data shows that exchange outflows in the first hours of August 19 reached 21,500 BTC.
Bitcoin exchange outflows chart. Source: CryptoQuant
Ether retraces August gains
Altcoins felt the impact of Bitcoin’s three-week lows.
Similar: Options data indicates that Bitcoin’s short-term uptrend could be at risk if it falls below $23K
The largest altcoin market cap was Ether ( ETH), which traded at $1,750.
ETH/USD 1-day candle chart (Binance). Source: TradingView
Other major tokens also lost more than 11%. Dogecoin ( DOGE) was the worst performer of the top ten, dropping 13.6%.
“Bear bias now, unless $1790 reclaimed/flipped for support,” Crypto Chase added to ETH in a separate tweet.
These views and opinions are the author’s and do not necessarily reflect those of Cointelegraph.com. You should do your research before making any investment or trading decision.
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