Crypto Market Tanks As Binance And FTX Battle Continues

Recent events have seen a surprising display by two major crypto exchanges: Binance and FTX. Changpeng Zhao, Binance’s CEO (CZ), stated that all FTT tokens held by the exchange would be liquidated. Naturally this announcement had a negative effect on FTX as well as its token.

Additionally, most cryptocurrency assets have lost value and the whole crypto market has fallen into disarray. FTT’s price collapse is also due to a huge depreciation trend in several other tokens.

FTX Token (FTT) Falls Among Worse Performers

CZ, Binance’s CEO has announced that FTX and FTT have been dramatically reduced. Nobody understands the reasons behind CZ’s decision regarding FTT. Some speculate that there may be a vital problem between CZ and SBF.

FTT has plummeted by a double-digit percentage following Binance’s announcement. FTT was trading at $22 as of Monday morning, November 7. The token’s price is currently below $17.31, which indicates a 23.33% drop in the last 24 hours. The token’s current market capitalization is over $2.30 Billion.

The situation for FTX has been worsening. This was due to a dramatic drop in its ETH reserves. Users had difficulty completing transactions on the exchange as a result.

Sam Bankman Fried, CEO of FTX, (SBF) has taken some steps to remedy the situation. He has involved the firm’s subsidiaries, SBF-owned companies, and other exchanges for assistance through funds transfers to FTX.

Also, the CEO assured customers that FTX’s performance was acceptable. But today’s price drop exceeded 20% of the token’s value from the previous day.

Wider Crypto Market Losses Massivively

FTT’s trend has been adopted by the wider crypto market. The cumulative market cap has fallen below its desired position of $1 trillion, after having lost over $70billion in one day. As of press time, it is at $978.74B, which represents a drop of 4.76% during the last 24 hours.

Ethereum’s value has fallen to $1,500 and it is currently below $1,000. The value of Polkadot (Cardano, Tron), OKB and MATIC also fell by 5%. Dogecoin and Solana are among the losers.

Bitcoin Prices Stabilize Below $20,000

Bitcoin’s performance has been impressive over the last week. Bitcoin reached $20,000 and then reached $21,500 over the weekend. BTC showed remarkable sustainability over $20k in spite of the US Fed’s increase in interest rates.

The story changed abruptly in the first trading hours today. BTC lost about $1,000 from its value through the bears’ activities.

Bitcoin trades at $18,250 as of the writing of this article, a decline of 9.37% in the last 24 hours. Its market cap stands at $378.01 trillion, while its dominant position over other altcoins is 38.60%.

Crypto Market Tanks As Binance And FTX Battle Continues shows Bitcoin falling below $19,000 USDT
Pixabay's Featured Images, and Charts by Tradingview

Get more Crypto News at CFX Magazine