Crypto Investment Update - FTX Saga

This Opinion post first appeared in my blog here: https://pwlcm.wordpress.com/2022/11/10/crypto-investment-update-ftx-saga/

Just when I thought the crypto market was deemed to be stabilized in my crypto update for October 2022, the FTX Saga strikes. Here is a Blockworks article documenting the FTX Saga timeline leading up to the point when Binance has indicated their intention to acquire FTX:
https://blockworks.co/binance-is-buying-ftx-a-timeline-of-events/

Binance took an abrupt turn the next day, that they would pull out from the acquisition, saying the FTX's problems were beyond their control or ability to help after they had reviewed FTX's finances as part of the due diligence process:
https://edition.cnn.com/2022/11/09/business/bitcoin-crypto-prices-fall-ftx-binance-ctrp/index.html

BTC took a beating and broke below the 20000 support level. It has dropped to about 16200 as of this morning, approximately midway to the next support level at 12000:

After staying above Ichimoku Cloud for a while, ETH plunged below the cloud and is near the support level at 1040 as of this morning:

SOL took the hardest hit as a project backed by FTX's founder Sam Bankman-Fried (SBF). It dropped from 38.79 (the high in November 2022) to about 13.5 as of this morning, suffering a -65% decline:

The stability of the crypto market seen in October 2022 had been shaken by the FTX Saga. If FTX the second largest crypto exchange is going bust and Binance the largest crypto exchange is unable to help, who knows what lies ahead with the other smaller exchanges. More people might lose confidence in crypto and there might be more "bank runs" in the coming months. There could be a shake-out in the crypto industry.

As for my crypto portfolio, I would continue to hold and monitor. Anyway, it was set up as a speculative investment with a 10% allocation limit to the overall investment portfolio. I'm going to stay the course and brace myself for the coming storm.