While there was a historical evening in crypto money market yesterday, Billions of dollars were lost in the markets
In the afternoon, Changpeng Zhao (CZ), CEO of crypto exchange Binance, announced that they have signed a letter of intent to buy FTX, one of its biggest rivals.
In the afternoon, Changpeng Zhao (CZ), CEO of crypto exchange Binance, announced that they have signed a letter of intent to buy FTX, one of its biggest rivals.
As part of leading risk management, Binance announced that it has closed all positions in FTX's native cryptocurrency FTT. Binance was previously among the partners of FTX. However, he left this partnership in 2021 and received a payment of approximately 2.1 billion dollars for his shares. Some of the payments by FTX were made via FTT. Binance recently sold these FTTs for approximately $580 million.
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Binance's closing of all FTT positions has exacerbated the rumors of bankruptcy and liquidity crunch circulating around FTX. While users were attacking the platform to shoot from their FTX accounts, there were problems with the shots. On top of that, yesterday's purchase took place and Binance saved its users with FTX.
DID CZ BANKRUPT?
Binance CEO CZ rejected the criticism that they started the process that drove their rivals to bankruptcy with their decisions. In his post-purchase statement, he stated that crypto exchanges should learn from the events and should not trade their local cryptocurrencies as collateral.
BITCOIN HAS HIGH LOWEST OF THE YEAR
Before the purchase announcement, Bitcoin was hovering around $19,300 yesterday. It then climbed above $20,000 and then hit the lowest level of the year at $17,630. As of this morning, it has made up for some of its losses, rising to $ 18,300. The fact that the problem experienced in FTX shook the confidence in the entire market was effective in the decline.
126 BILLION DOLLARS WASTED FROM THE MARKET
A similar move has occurred in all cryptocurrencies. As of 7.45 this morning, $126 billion was deleted from the crypto money market in the last 24 hours, and the total market value of cryptocurrencies decreased to $ 903 billion.
IT REACHED 32 BILLION DOLLARS IN JANUARY
One of the biggest losses was FTX Founder and CEO Sam Bankman-Fried, the child of crypto's genius. FTX last received a $400 million investment in January, with a valuation of $32 billion. Bankman-Fried is estimated to have a net worth of over $15.5 billion, due to his stake in FTX and the FTTs he owns through investment firm Almeda.
FTT'S WEALTH ELLOWED WHEN FITTING
According to the Bloomberg Billionaires Index data, Bankman-Fried's wealth melted by $ 14.6 billion in 1 day yesterday. With his wealth falling to $991 million, he fell from the billionaires index. FTT's fall by 73 percent in the last 24 hours to $ 4.7 was effective in this decrease.