Bulls target $0.400 on Justin Sun News

Hopes that Binance would buy FTX faded in the afternoon session, and Binance announced that it would halt the FTX acquisition.

Overnight, Bloomberg reported that FTX needs $8 billion to bridge the gap or face bankruptcy.

However, market conditions improved this morning. News Justin Sun’s work on a solution with FTX has provided some relief in the market, although there are no details about the ongoing discussions.

For ADA investors, the short-term goal is to avoid below $0.300. However, price action is in the hands of cryptocurrency news. Progress towards providing FTX would support the expansion of ADA and the growth of cryptocurrency at scale.

As the ADA and the broader market move this morning, there is a risk of a dead cat bounce. News of Justin Sun’s departure could lead to another meltdown.

I/O Network Updates Press Pause

Input Output HK (IOHK) was quiet about network updates in the middle of the week, leaving investors to ponder the current market environment.

However, founder Charles Hoskinson has been upfront about the events that unfolded this week. Hoskinson pointed Cardano has not been exposed to FTX, so he has not lost any money.

Hoskinson added,

“There is a case where the FTX lobbied hard in Washington, D.C. Their failure could change the political landscape in unpredictable ways.”

The risk of a major shift in the regulatory landscape could become a headwind for cryptocurrency.

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