FTX, the exchange giant that initiated Chapter 11 proceedings, continues to negatively affect the market.
The overall situation after the collapse of FTX
The cryptocurrency market has been hit hard by the affairs of FTX and its founder SBF.
In a three-card game, it turned out that what was supposed to be a hedging problem soon turned out to be something else.
FTX was basically using investors’ money to lend it to Alameda Research (a company also connected to SBF) which used it for sponsorships and financing the American Dem Party.
As a result of the events FTX saw everything it had accumulated depleted until it went into Chapter 11 and this made customer trust disappear, which also contributed to the market collapsing.
Bitcoin is again at $16,000 while Ethereum $1,100, the lowest values since the pandemic to date.
Decentralized finance takes the hit, seeing a quarter of its turnover vanish.
The rest of the tokens have not been immune to the contagion and also DEXs, alt
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