Do not be surprised if the crypto market goes lower
The broader crypto market of was impacted by many collapsed of the crypto hedge funds to crypto exchanges.
FTX likely will have a further impact on the market moving forward.
FTX, a crypto exchange, went from being worth $32 billion to filing for bankruptcy in what many are calling the “Lehman Brothers Moment” for crypto. The collapse of FTX has shaken up the entire crypto space and led to Congress and the SEC investigating what happened.
A timeline of the collapse can be seen here:
November 2 — Coindesk publishes a concerning article about FTX and Alameda Research,
November 6 — Binance sells FTT holdings,
November 8 — Binance announces agreement to buy FTX, November 11 — FTX files for bankruptcy with all of its subsidiaries,
November 14 — BlockFi suspends customer withdrawals. The collapse of FTX has been attributed to liquidity crunch due to Binance selling FTT holdings, along with mishandling customer funds and an alleged U.S. agency investigation.
The crypto market has been volatile since the collapse of FTX. Prices of Bitcoin and other major coins fell sharply following FTX’s bankruptcy. The crypto market has since rebounded somewhat, but investors remain cautious…
