FTX and Binance agreement, which is one of the most important items on the agenda, could not prevent the decline in the markets. Bitcoin slumped below $18,000 for the first time in five months. Meanwhile, traders with money in FTX and shareholders investing in FTX are wondering what will happen next.
FTX investors worried
Binance’s move to buy the rival FTX cryptocurrency exchange, like most developments in the crypto world, happened very quickly. This situation affected both the investors in the stock market and the shareholders. According to The Information, no information was given to those who invested in FTX. Investors in FTX include industry giants such as BlackRock, VanEck, Sequoia Capital, Temasek. Thanks to record investments, FTX is valued at close to $33 billion.
Apart from that, some companies that FTX supports by investing are also worried about their future. Because the terms of the planned agreement with the Binance exchange are unclear. FTX; Yuga Labs has invested in companies such as Aptos, Helium, Circle, BlockFi.
Shooting has stopped
Meanwhile, some networks seem to have stopped shooting for a while due to difficulties with FTX. In particular, wallets on the Ethereum, Avalanche, BNB Chain and Polygon networks have stopped outflowing. So how can investors get out of this? According to users in the crypto space, you may have a chance to transfer the money to Binance by opening a position in the form of “FTX short, Binance long” in a certain parity with USDT. But it is worth noting that this is only a theory. It also carries high risk.
Erkan Oz left a comment
Meanwhile, economist Erkan Öz made comments in a Youtube video he shared about the FTX and Binance events. He stated that the events reminded him of the Terra collapse. “Shocking, striking news emerges,” he said. “FTX, one of the largest centralized cryptocurrency exchanges in the world, apparently went bankrupt,” he said. He then pointed out that the deal that Binance can buy FTX to save has not been finalized yet. Therefore, he implied that caution should be exercised. He said the risk is not completely gone.
He clarified that Changpeng Zhao will not make a final deal without fully seeing FTX’s balance sheet. He pointed out that there was a “constriction period” behind FTX’s falling into this state. He said that there is a great crisis ahead of us globally. That’s why companies should have a large reserve of dollars, he said. However, he noted that “it seems that FTX and its sister company Alameda Research don’t have enough dollar reserves on their hands.” He also concluded that the market is currently experiencing a shortage of dollars.
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