FTX Token tumbled 70 Percent as investors lost confidence – The crypto market is not doing well. Crypto which has high utility and trust is now experiencing a sharp decline of up to 70%, on 31/10/2022 FTX token traded $26 in just a few days FTX fell and is currently trading in the range of $4.7 events this resulted in a loss of confidence in the crypto market.
Reportedly the cause of the sharp decline in FTX Token was a massive sell-off which resulted in a liquidity crisis but after this incident SBF-FTX asked CZ-Binance to address this issue by signing a non-binding LOI, meaning that CZ-binance acquired FTX and helped cover the liquidity crisis. This is to protect users, but CZ-Binance needs time to do all that and at the time of handling the FTX token market is expected to fluctuate in a few days.
Read more – Great Polygon Matic rises Top 7 Coinmarketcap
basically the crypto market has great potential and has great risk too message from cz binance don’t prioritize crypto assets as collateral and don’t borrow if you do crypto currency business don’t use your main medal and you must have bigger reserves and binance never use BNB for collateral and they also never owe.
A twitter quote from alex valaitis saying that since 2019 there have actually been conflicts without us realizing it and he said that cz built the biggest crypto exchange not only by luck but cz is a very smart person which is why he made the strategic decision to have binance invest in FTX in 2019
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