Crypto prices whipsawed following the announcement that exchange giant Binance would be purchasing one of its largest rivals. Bitcoin recently sank below $19K. JPRubin23, GWilliamsJr_CMT and _jocelynyang_ report
and most major altcoins whipsawed similarly. The second largest crypto in market value was recently changing hands just above $1,300, a more than 15% drop from Monday, same time, and its lowest level in more than two weeks.was trading at just over $5, a more than 75% decline during the past 24 hours., which had tumbled Monday on speculation that Bankman-Fried's trading firm, Alameda Research, might have to dump some of its holdings in a bid to raise liquidity, was off over 20%.
“The FTT token will find it very hard if not impossible to recover while SOL and ecosystem tokens are likely to suffer losses too as trust appears to be eroded entirely,” wrote Joe DiPasquale, CEO of crypto fund manager BitBull Capital, in an email to CoinDesk, although he noted optimistically that “we don’t “expect bitcoin to face an extreme scenario. In fact, it could see increased inflows as market participants withdraw from riskier assets.
“Either way, the sooner this gets resolved the better it is for the space, especially as it is likely to draw more attention from regulators,” DiPasquale wrote.continued their momentum from Monday as the tech-heavy Nasdaq and S&P 500 rose a few fractions of a percentage point, while the the Dow Jones Industrial Average was up 1%.
“There's nowhere to hide during crypto winter – and developments such as the acquisition of FTX by Binance underscores the challenges and lack of transparency behind the scenes of some key players –which undermine the reputation of crypto,” Fament said. “Moving forward, the ecosystem is going to learn from these mistakes and hopefully create a stronger sector that puts honesty, transparency and consumer protection at the heart of their businesses.
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