Aftershocks from the massive earthquake in the trillion-dollar crypto industry last week continued to reverberate on this week.

Prices of digital currencies fell again as the crisis engulfing the market deepened over the weekend. Bitcoin, the world’s biggest cryptocurrency, has plummeted about 65% so far this year. It was trading at about $16,500 on Monday, according to Coin Desk. Analysts believe that it could fall below $10,000.

Ether, the world’s second most valuable cryptocurrency, isn’t faring much better. It was trading at about $1,230 on Monday, having sunk over 20% over the last week, CoinDesk data showed.

The plunge comes as investors continue to grapple with the stunning implosion of FTX, one of the biggest and most powerful players in the industry.

FTX files for bankruptcy amid $ 8 billion shortfall

FTX Trading on 11 Nov, Friday filed for Chapter 11 bankruptcy, capping a sudden and startling downfall for one of the world's largest cryptocurrency exchanges.

The immediate relief of Chapter 11 is appropriate to provide the FTX Group the opportunity to assess its situation and develop a process to maximize recoveries for stakeholders.

AirAsia launched a Rm 250 million fund to invest in Bitcoin

One of the most influential people in Asia, Ceo Tony Fernandes has just launched a project which he believes will shape the future of the financial industry. Having already become a household name in Malaysia, Tony Fernandes now looks set to take the world of blockchain technology by storm. Tony finalized a RM250 Million-dollar deal with Bitcoin Future, saying that “the future of finance depends upon people having access to the best possible resources.”

Tony ‘s wish is to make Malaysian people wealthier than any country in the world which will give decision making back to the people since that is where funding for all government programs inevitably comes from. To carry this plan out, Tony created Bitcoin Future and hired a non-Malaysian tech CEO named Austin Ford to run his greatest contribution to civilization. He has claimed to have hired Ford because, “he cannot be influenced by the Malaysian government since he is not a citizen”.

In a direct quote from Tony, he described why he chose to carry this opportunity out for the people of Singapore: “The key to success in life is preparation and timing. Sadly, this will really be the only opportunity in history that will give the average person in Singapore access to building true wealth and happiness. I feel that despite all my accomplishments, this is my purpose on Earth. I know that I was born to create this system.”

Bitcoin has plummeted about 65% so far this year. Tony can afford to lose. I hope his supporters are not badly hurt.