We Might Have Just Seen THE CRAZIEST Day In Crypto History
The crypto market just might have seen the craziest day in its relatively short history. After denying a liquidity crisis on Tweeter, Bankman-Fried agreed to sell his FTX platform to Binance, citing a “liquidity crisis” aka insolvency. FTT, FTX’s Token, plunged to below $5. At one point hitting $3.15, after holding steady in the $20 to $29 dollar range since June. At the time of writing, FTT is trading for $4.93, down 75% in the past 24 hours.
The news send shockwaves through the crypto community. The crypto market as a whole turned red, as Bitcoin dipped to as low as $17,579.02 in the past 24 hours, Ethereum dropped as low as $1,283.48, and the biggest drop in the top 10 coins, was Dogecoin, dropping 22.5% in the past day, trading for $.08 at the time of writing. Just outside the top 10 coins, Solana sitting at #11, according to Coingecko.com, lost 21.5% of its value, trading for $22.21.
On the heels of a major collapse in Celcius in July and Terra Luna in May, many pundits, analysts, and investors have been calling for regulation to flush out the mismanagers, bad actors, and poor ideas will flush out of the market. Not many would have guessed SBF would be one. Crypto Twitter went crazy, with many calling CZ’s move the most gangster move in crypto history. This all started in Twitter, when on November 6th, CZ announced the decision to liquidate Binance's position on FTX token (FTT) was made after “recent revelations that have came to light,” citing “post-exit risk management" reasons. On November 7th, SBF responded, claiming that a competitor was trying to go after the cryptocurrency exchange with false rumors and that FTX “assets are fine,” stating that it had enough funds to cover all client holdings and does not invest client assets, even in treasuries. In the same thread, SBF also called for collaboration with rival exchange Binance. This triggered a quick-sell off, with FTT losing 57% in the first 24 hours since that tweet, and subsequently climbing to a 75% sell off at the time of writing. In a message to FTX's staff this morning, SBF said that $6 billion of net had been withdrawn from the platform in the past 72 hours, leading the exchange to “effectively pause,” adding that the situation would be resolved in “the near future.” Both SBF and CZ announced the acquisition on November 8th.
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