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Crypto Market Tanks As Binance And FTX Battle Continues

9 Nov, 20223 min readOther
Crypto Market Tanks As Binance And FTX Battle Continues

Recently, the crypto space has been facing an unexpected display between two prominent crypto exchanges, Binance and FTX. The CEO of Binance, Changpeng Zhao (CZ), announced that the exchange would liquidate all FTT tokens in its holdings. Naturally, this news created a negative impact on FTX and its token.

Further, the entire crypto market has been thrown into the red as most crypto assets are losing value. The crash in the price of FTT is also influenced by a massive depreciating trend on several other tokens.

FTX Token (FTT) Falls Among Worse Performers

The announcement of Binance CEO CZ has dramatically declined FTX and its token, FTT. Nobody understands the reasons behind CZ’s decision regarding FTT. But some speculate a possible vital issue between the executive and the SBF-owned exchange.

FTT has plummeted by a double-digit percentage following Binance’s announcement. As of yesterday, Monday, November 7, FTT dropped to around $22. At the time of the writing, the token is trading below $17.31, indicating a drop of 23.33% over the past 24 hours. Also, its market cap is currently over $2.30 billion.

The situation has been getting worse for FTX. The exchange suffered a devastating decline in its ETH reserve. Hence, users were having difficulties completing some transactions on the platform.

On his part, the CEO of FTX exchange, Sam Bankman-Fried (SBF), has been putting some effort into remedying 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.

Broader Crypto Market Losses Massively

The broader crypto market has taken the trend from FTT. As a result, the cumulative market cap had dipped from its coveted position above $1 trillion after losing over $70 billion in a single day. At the press time, the value sits at $978.74 billion, showing a decline of 4.76% over the past 24 hours.

Ethereum is now below $1,500 as it dropped over in its value. Also, Polkadot, Cardano, Tron, OKB, and MATIC plummeted by 5%. The list of losers includes Dogecoin, Solana, Ripple, Avalanche, Shiba Inu, and others.

Bitcoin Price stalls Below $20,000

Bitcoin has maintained an impressive performance over the last week. The token rose to the $20,000 level and eventually hit $21,500 during the weekend. Also, BTC displayed outstanding sustainability above $20k despite the increase in interest rates by the US Fed.

But the story has suddenly turned in the early trading hours of today. BTC lost about $1,000 from its value through the bears’ activities.

At the time of writing, Bitcoin is trading at $18,250, showing a drop of about 9.37% over the past 24 hours. Its market cap is at $378.01 billion, and its dominance over the altcoins sits at 38.60%.

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