November 28, 2022

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Cryptography drops sharply after fusion failure - E24

Cryptography drops sharply after fusion failure – E24

Crypto giant Binance announced earlier this week that it will buy the troubled FTX. Now the agreement has been canceled, according to US media. Many cryptocurrencies are dropping sharply.

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Since Tuesday, the cryptocurrency market has plummeted after crypto exchange FTX on Tuesday reported liquidity squeezes.

The chaos has led the world’s largest cryptocurrency exchange, Binance, to come up with a rescue solution in which the company will acquire FTX and help “meet liquidity needs.”

But just a day later, the show was withdrawn.

We were hoping to be able to support FTX clients by adding liquidity, but the challenges are beyond our control or ability to help, according to several American media.

Bitcoin has fallen about 15 percent in the past 24 hours, and the decline accelerated after the news became known. Bitcoin is now trading at less than $16,000.

At the same time, the number of other cryptocurrencies has fallen sharply.

The news of the offer was withdrawn only hours after that Bloomberg He wrote that several US authorities have launched investigations into FTX.

Neither Binance nor FTX have yet commented on the news to the US media.

to me Bloomberg If Binance chiefs find that their FTX holdings do not match their liabilities. The gap should reach $6 billion.

Every time a major player in the industry fails, customers will suffer. In recent years, we’ve seen the cryptocurrency ecosystem become more resilient, and we believe that gray-zone actors who abuse consumer values ​​will eventually be eliminated from the free market, Binance wrote in the statement.

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