The cryptocurrency market is losing more than $130 billion in one day. “What’s next?” Then, Binance announced that it was withdrawing from the FTX deal. After that, the losses in the market became heavy. The leading crypto Bitcoin (BTC) has fallen below $ 16 thousand.
Binance has stopped buying FTX: It’s beyond our power!
After the bloodbath caused by the FTX meltdown, the cryptocurrency market is in an uncertain state with heavy losses. On top of that, Binance’s purchase of FTX, which was expected to have some hope, also fell through. Binance officials stated that the current situation was out of control and announced that they withdrew from the agreement made in principle. In this context, the authorities made the following statement:
…We abandoned the acquisition due to the latest news about mismanaged client funds and alleged investigations, as well as corporate due diligence. Our hope was to assist FTX clients in providing liquidity. But the problems are beyond our control or our ability to help.
Big crash in the cryptocurrency market!
Meanwhile, in a recent development, Sam Bankman-Fried’s website for Alameda Research has gone black. In this context, the market is facing a challenging period with potentially increasing legal issues and regulatory scrutiny in jurisdictions. Also, if FTX uncertainty persists, the crypto market may face a deeper crypto crash.
Binance’s potential FTX acquisition announcement came as a huge downside for the crypto market. Shortly after the announcement, crypto prices began to drop drastically. Overall, the market has seen massive crypto losses in the last 24 hours. According to CoinMarketCap statistics, more than $130 billion in value was wiped from crypto assets due to the price drop. Compared to the total crypto market capitalization of $935 billion 24 hours ago, its market cap is currently at $803 billion. Thus, the market effectively wipes out $132 billion in one day.
cryptocoin.com As we reported, the news came that Binance had withdrawn from the FTX deal. The withdrawal is due to poor results in Binance’s internal assessment of FTX financials. The report revealed that Binance is evaluating FTX’s internal data and loan agreements. After this news, it is highly likely that Sam Bankman-Fried’s stock market will go bankrupt. This will likely only worsen the uncertain environment. So, it will be even more bearish for the crypto ecosystem.
Solana (SOL) stands as one of the cryptocurrencies that fell the most after the FTX crash. SOL price dropped 46.90% in the last 24 hours to $12.69. Meanwhile, the price of FTX token (FTT) has dropped by an astonishing 90% over the past few days. At press time, the price of FTT was down 61.24% in the last 24 hours to $2.42. Also, after Binance’s last statement, Bitcoin took a deep dive below $16,000.
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