Bitcoin (BTC) 
$92,659 has dropped to $91,530 today, suggesting it may have reached a local bottom. Predictions indicate a possible decline to $86,000 if this support fails. The recent purchase by Michael Saylor’s company has intensified the downturn, causing significant volatility in altcoins. What is the situation for altcoins favored by those who enjoy speculative movements, such as CEEK, FTT, DOGE, and LUNA?
CEEK and FTT Coin
Long-term, risk-prone altcoin CEEK Coin was already showing signs of weakness before this substantial decline. If it loses support at $0.035, there is a continued risk of returning to the $0.027 and $0.025 regions. Although BTC has reclaimed $93,000 temporarily easing the downturn, CEEK Coin faces increased challenges in a competitive environment.
As previously stated, by March 3, the FTX bankruptcy committee will pay defrauded customers. The refunds will be based on the exchange rate from November 2022 when cryptocurrencies began to be liquidated. This is certainly better than receiving no refund at all.
While this development is positive for the general market sentiment, it brings little meaning for FTT Coin. Some speculate that after refunds, the exchange could be sold and resume operations. However, the bankruptcy committee has stated that potential buyers have backed out following negotiations.
Dogecoin and LUNA
Do Kwon plans to travel to the U.S., where he may be asked where he wants to serve his sentence. While South Korea has sought extradition for punishment, Kwon is expected to go to Montenegro due to its extradition agreement with the U.S. Depending on news from Kwon, we may see new all-time lows below $0.389.
Elon Musk’s preferred meme coin continues to strongly defend the $0.30 key support level. With daily closes above $0.348, it could potentially rebound to the $0.38 and $0.48 range. Currently, investors are watching to see if the overall market sentiment gains momentum.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
