The tension between Binance CEO CZ and FTX, which has not been incessant for a few days and which we have featured on our site, has left its place to a dump.
FTT, the local token of the FTX exchange, which lost more than 30 percent with the new day, caused the entire market to move downwards.
The decline in the price of Solana (SOL), which is linked to the FTX exchange, reached 17 percent.
Total trading volume on SOL, which shows $3.37 billion on Alameda’s balance sheet, has also fallen by just over 13% in the past four hours.
Market Confidence Drops And Falls Due To Dispute Between FTX And Binance Founder
SOL’s importance on Alameda’s balance sheet was revealed in the report, which sparked the obvious debate between CZ and Bankman-Fried that started over the weekend and has continued to this day.
The report revealed a number of major positions held by Bankman-Fried, owner of Alameda, in illiquid assets, particularly FTT and Solana tokens, a token created by FTX.
Despite investors’ reactions to the discussion among the founders, trading on FTX has not been very volatile despite Monday’s market activity.
Market maker B2C2 said in a note released on Nov. 7 that the price of Solana and FTT could become the most important data points to monitor the crypto market’s trajectory this week.
Investors in the market are worried that the fall in the price of FTT could have a knock-on effect on Alameda, which has billions of dollars in tokens on its balance sheet.
Such a drop could also affect the stock exchange, FTX, to which it is affiliated. The firm is already struggling with withdrawals. However, FTX announced in a recent tweet that the withdrawal queue has decreased and returned to more reasonable levels.
In the middle of the harsh bear market, the discussions of the CEOs of the two giant exchanges and the fall of FTX and SOL caused an atmosphere of distrust in the market.
Accordingly, the 7% sharp decline in Bitcoin has disrupted the positive atmosphere that has been seen in altcoins for the past week, putting the market in an uncertain environment.
*Not investment advice.
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