7 Cryptos to Watch as Investors Batten Down the Hatches

There is a risk of the collapse of cryptos due to the FTX bankruptcy. The Federal Reserve is the arbiter of crypto trajectories. Cryptos face significant pressure due their pure risk-on nature. These are the crypts to watch for when that time comes. If you think you're seeing a great deal now, you'll probably get a better one next year.

All eyes are on Bitcoin (BTC-USD) as it probably holds the key for where other cryptos will head next. BTC trades for $16,945 at the present juncture. Morgan Stanley believes that BTC’s next support lines lie between $12,500 to $13,000.

Ether (ETH-USD) has lost 15% of market value since the FTX bankruptcy. It's worth $1,264 now. ETH got caught up in another scandal, whereby a popular exchange accidentally transferred more than 300,000 ETH (worth $360 million) off its exchange.

Stablecoins like Tether (USDT-USD) make sense under a bullish cycle. Mainstream institutions gradually warmed to cryptos recently. Long-term investors should think strategically rather than tactically.

Tethers are a risk. People should consider reducing their exposure.

Cardano (ADA-USD) is an innovative blockchain project that pioneered the concept of proof of stake. According to a report, the whales took an interest in ADA. Since the FTX crisis, there has been a 400% rise in new Cardano wallet addresses. ADA has dropped 12% in the trailing week.

Solana (SOL-USD) lost 48% of its market value in the last week. It gained popularity because it was a quicker, cheaper and more secure version of the Ethereum network. However, investors soured on any associations with the enterprise.

Avalanche (AVAX-USD) dropped nearly 20% of market value over the trailing week. The development activity for the AVAX network increased, but it did not translate to upside momentum. Most investors of cryptos don't care about the fundamentals.

Shiba Inu (SHIB-USD) is a new cryptocurrency. It's one of the riskiest among cryptos. The community focuses on having fun and making money. ShIB lost around 16% of its value in the last week. Josh Enomoto is an investor in several cryptoes. He has a long position in BTC, ETH, USDT and ADA.