The crypto world has been rocked by FTX's crash. This is what it means 🔎 Analysis by stokel
A matter of hours can make all the difference when it comes to cryptocurrencies. On 9 November, the future of cryptocurrency exchange FTXafter an embarrassing collapse in its business left crypto investors pulling $6 billion out of the platform.
“As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX,” Binance said in a“Every time a major player in an industry fails, retail consumers will suffer,” the company added in a statement. That was evident in freefalling prices and the impact on investors’ confidence in the new financial technology.
But is the catastrophic crash of one of the world’s biggest cryptocurrency exchanges actually a sign of the death of crypto in general?
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