Edited by: Du YuOn Tuesday morning, as the digital currency FTXToken issued by SamBankman Fried's cryptocurrency exchange FTX fell to its lowest level since February 2021, Bitcoin faced selling pressure due to growing financial concerns about the SBF hedge fund Alameda Research.Image source: Photographic network-501024898In the past 24 hours, Bitcoin fell by over 15% on Tuesday to around $17684, the lowest level since June, breaking through what some investors consider a key support level
Edited by: Du Yu
On Tuesday morning, as the digital currency FTXToken issued by SamBankman Fried's cryptocurrency exchange FTX fell to its lowest level since February 2021, Bitcoin faced selling pressure due to growing financial concerns about the SBF hedge fund Alameda Research.
Image source: Photographic network-501024898
In the past 24 hours, Bitcoin fell by over 15% on Tuesday to around $17684, the lowest level since June, breaking through what some investors consider a key support level.
As of press release, Bitcoin was trading at $18676, a decrease of 9.94%.
Other cryptocurrencies have also been almost completely wiped out, with Ethereum down 15.59%, Dogcoin down 22.7%, and XRP down 14.12%.
Image source: Yingwei Caiqing official website
According to CoinMarketCap.com,FTT fell by over 75% at one pointUp to around $5.50.According to COIN data, the 24-hour inventory volume of the entire network is 1.16 billion US dollars (approximately 8.4 billion yuan); A total of 370000 people broke out in 24 hours.
As investors' concerns about FTX's solvency continued to grow, the cryptocurrency market fell earlier after rumors about the exchange and its sisters company Alameda Research emerged in recent days. Kaiko research analyst Conor Ryder said that the market can see that investors have made similar actions as in previous crises, and fear has infiltrated the market.
Last week's report triggered this downward trend. According to media reports, the value of FTT may have been hyped up by Alameda Research, a cryptocurrency investment company affiliated with FTX.
Given that Alameda Research has raised funds to support the FTT price, investors are concerned that the company may be forced to liquidate the FTT, leading to a collapse of the cryptocurrency.
Meanwhile, after the above report was released, Zhao Changpeng, CEO of Binance, FTX's largest competitor, announced over the weekend that Binance will liquidate all of its FTTs and have sold $584 million in FTTs.
This move has led to significant selling pressure on FTT. However, Zhao Changpeng also stated that due to the inability of the market to withstand large-scale selling, it will take several months to gradually clear FTT.
Subsequently, Caroline Ellison, CEO of Alameda Research, expressed her willingness to immediately purchase all FTTs held by Binance for $22.
According to Cailian News Agency on November 9th, as news surrounding the possible acquisition of rival FTX by Coin An is gradually being digested, the cryptocurrency market is once again plummeting, and traders are worried that the industry's troubles and disputes between industry leaders may still have a way to go. Observers point out that due to the non binding nature of the letter of intent signed by both parties, the market is uneasy about the prospects of this transaction.
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