Binance’s purchase of FTX.com throws the market into chaos.
Key receivers
Binance's planned FTX purchase sent markets into turmoil. Tokens are supported by FTX and Alameda Research and have suffered greatly from the news, especially FTT, which has dropped by 80% at the time of writing. The news has sparked fears of an outbreak, the extent of which is still unknown.
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The discovery of the crypto market FTX by Binance comes with hopes that the Sam Bankman-Fried exchange and its close associate Alameda Research may be bankrupt.
FTT Plumbing
Following the recent news of Binance's acquisition of FTX, the market is cooling down.
At the time of writing, BTC is trading at 10.85% and around $18,300, which means that the top cryptocurrency is at the same price level as it was at the beginning of the summer; He has already threatened to break down the region. ETH, meanwhile, is down 15.37% and is trading at $1,320.
The brutal price action was fueled by FTX's recent admission that the exchange was experiencing liquidity problems, with losses so severe that company CEO Sam Bankman-Fried agreed to sell FTX to rival cryptocurrency exchange Binance for an undisclosed amount.
While the acquisition is certainly good news for FTX users who fear having their funds frozen on the exchange, the vision suggests that FTX and quantitative trading firm Alameda Research (also founded by Bankman-Fried) are unlikely to meet their debt obligations if their creditors remember. Loan.
This has led to some crypt tokens related to FTX and Alameda, among them FTT (FTX's native token) being the first. Coin 80% reduced At the time of writing and selling at $ 4.5: a serious fall considering Alameda CEO Caroline Ellison promised to help Binance bring down the FTT stock at $ 22 two days ago. SOL and other major Solana-based tokens As SRM They have fallen 21% and 25% so far, with Bankman-Fried heavily supported.
Meanwhile, Binance has its own stablecoin, BUSD get up It is designed to trade at $1.01 but always maintain a 1:1 parity with the US dollar. BNB, Binance's native token, is also doing well considering the situation. Only down 6.8% The coin previously gained 24% on news that Binance was acquiring FTX.
Disclaimer: At the time of writing this article, the author of this article owns BTC, ETH and many other crypto assets.
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