The crypto market is extremely bearish as the FTX crisis continues.
Bitcoin price fell by more than 8% in the last 24 hours being down more than 10% w-o-w. Ethereum is even more bearish than Bitcoin as it lost more than 11% in the last 24 hours. ETH has fallen by 17.5% in the last week and is facing the threat of plummeting below the $1.3K mark again.
Solana as on of the crypto to be most affected by the FTX crisis, is one of the biggest losers of the crypto market. SOL is down by 19.21% in the last 24 hours and by 31% in the last 7 days.Cardano remains one of the most volatile crypto assets with a drop by 5% in the last 24 hours.
Meme coins Dogecoin and Shiba Inu are also suffering. DOGE has fallen by 15% while SHIB is down by 8%.
Current Binance-FTX situation
The crypto market is struggling as Binance acquires its biggest competitor in FTX after Binance CEO CZ revealed a liquidity crisis in the FTX balance sheet.
Late Tuesday Changpeng Zhao has shared his take on “two big lessons” to be learned from the FTX saga.
In a tweet, CZ laid out two learnings after the significant “liquidity crunch” at FTX which has ultimately resulted in a non-binding letter of intent from Binance to acquire the struggling exchange.
“Two big lessons: 1. Never use a token you created as collateral. 2. Don’t borrow if you run a crypto business. Don’t use capital “efficiently”. Have a large reserve,” said Binance CEO. He also added that Binance has never used BNB for collateral, and has never taken on debt.
Earlier this week Zhao’s tweet confirming Binance’s FTT holdings liquidation ended up triggering what some called a “bank-run” on the exchange, with analytics platform CryptoQuant data revealing that FTX’s Bitcoin balance had fallen by 19,956 on November 7 alone.
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