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What actually happened to the Crypto world this week?


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One of the world’s largest crypto exchanges, FTX, came very close to collapse yesterday, before being sent a support line from Binance for a merger. 

The two said that this was all to do with a liquidity crunch in the sector. IGTV’s Jeremy Naylor looks at the effect of this on all-sessions stock, Coinbase which saw its platform down as people wanted access to their accounts. Tie this in as well to gold, which climbed yesterday as its status climbed above cryptos as a market safe haven.

 

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Bitcoin (BTC/USD) Drops 13% as Binance Back Out of FTX Acquisition

Bitcoin (BTC/USD) Drops 13% as Binance Back Out of FTX Acquisition

Nov 10, 2022 | DailyFX
Zain Vawda, Analyst

Key Points:

  • BTC/USD Slides 13% to Post a New YTD Low.
  • Binance Backs Out of a Deal to Acquire FTX on Rumors of SEC and US Justice Department Investigation.
  • FTX CEO Sam Bankman-Fried Confirms a Shortfall of $8 billion to Investors.

Bitcoin (BTC/USD) Fundamental Outlook

The cryptocurrency space as a whole has experienced a tumultuous couple of days kicked off by fears around liquidity and solvency at FTX, one of the largest players in the space. The resulting impact has seen Bitcoin and a host of altcoins post significant losses as more information came to light including a letter of intent by Binance to acquire FTX. Bitcoin dropped as low as $15650 (November 2020 price) before rallying in Asian trade back above the $16000 handle. The largest crypto by market cap currently trades around the $16400.

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  • 4 weeks later...
On 06/12/2022 at 17:53, andersrer said:

Yes, FTX has never been so close to losing everything. I think Binance has invested a lot in reviving it

Binance has already thought about buying the entire FTX. I can't understand why they doubt the profitability of such a purchase. After all, if FTX becomes part of their small network, they'll be able to think about the Binance metaverse. If I were an exchange owner, I'd most likely talk to experts about promising investments. Although FTX is still where I used to trade, I can consider it part of something new. At the moment, I like what I'm doing. I don't know what the secret of my luck is. I guess I'm always well-informed, thanks to signals and a telegram bot. I know cryptography news before my friends.

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