FTX Acquisition And Crypto Crash Is Bad For The Community, Says CZ Binance
2022年11月10日 - 11:23AM
NEWSBTC
CEO Changpeng Zhao (CZ) gave statements to clarify the air amid the
FTX ordeal and circumstances surrounding its acquisition by
Binance. On Tuesday, FTT, the FTX native token, went to ruins with
over 73% decline. It happened after the exchange liquidated its
Ethereum holdings to mitigate its insolvency crisis. Before the
crisis became known, the CEO of FTX, Bankman-Fried, debunked rumors
of the firm’s financial pressure. He said the firm’s asset remains
okay, and there was no threat of insolvency. Related Reading:
Bitcoin Bloodbath Takes Crypto To New Bear Market Lows | BTCUSD
November 8, 2022 However, yesterday, Bankman-Fried went on Twitter
to reveal FTX’s financial ordeal. He pleaded with Binance to assist
them in navigating through the overwhelming withdrawal requests.
Binance CEO CZ later announced that Binance would acquire the
embattled crypto exchange. However, today, the CEO announced again,
stating that the supposed acquisition was not a planned decision.
He noted that acquiring FTX is not good for any crypto firm, hence
not a win for Binance. FTX Crash Would Increase Scrutiny On Crypto
Exchanges By Regulators Despite Binance’s previous ties with FTX,
the move for its acquisition was rather sudden. According to
Changpeng Zhao, he talked with Bankman-Fried in less than 24 hours
leading to news of the FTX acquisition. The Binance CEO explained
that FTX’s fallout would place the crypto space on regulators’
radar. Furthermore, CZ said the difficulty in obtaining a license
in the global crypto market would increase. He emphasized the need
for transparency about company assets and reserves. Changpeng
Zhao’s advice is in line with Coinbase CEO Brian Armstrong’s advice
for public audit and transparency in the industry. Further in his
statement, CZ placed importance on product quality. Given the
current market condition, he encouraged his employees to focus on
creating valued products for users instead of asset prices. Despite
FTX’s liquidity issues and concerns about how it could affect
potential buyers, CZ revealed plans for fully acquiring the crypto
exchange. The CEO acknowledged that the crypto exchange is in a
serious liquidity crisis, and the acquisition is a form of
assistance to cover FTX’s debts. Peep Into Market After FTT Crash
The news of FTX’s crash saw the crypto market in massive loss
as assets’ prices dropped, with an overall 10% decline. FTT has
recorded a total decline of 83% over the last seven days. Its price
currently records a 77% 24-hour decline from the Monday price of
$22. The token sells at above $2, with a 24-hour trading volume of
$3,197,341,326. Related Reading: Bitcoin Price: Can Cyclical Tools
Predict The Next Bubble? | BTCUSD November 7, 2022 The FTT issue
has exerted a cascade effect on the crypto market, as Bitcoin price
went down by 10% in the last 24 hours. BTC now trades at $16,151 in
the past 24 hours, while Ethereum is down by 23.49% and trading at
$1,135. featured Image From Pixabay, Charts From Tradingview.com
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