Jamie McNeill
The FTX token FTT has taken a pummelling over the course of the past 24 hours, after triggering a wider collapse in the crypto markets.
FTX freezes withdrawals
Over the course of the past few days rumours about FTX’s insolvency grew louder and louder, and after CZ announced that he would be selling $580m of FTX that Binance held on their balance sheet, the price went into free fall, breaking past the $22 level and then collapsing over 75% in the course of 24 hours when the exchange froze withdrawals.
The uncertainty leading into the collapse caused many speculators to remove a lot of their holdings from the exchange, with the total balance being held on the exchange dwindling to next to nothing.
The FTX token (FTT) could go to zero
It is still unknown exactly how large the hole in the FTX balance sheet, but there are rumours that it could be as high as $6 billion, with speculation that the exchange was using user funds to acquire US equities.
"Two of the people briefed on Bankman-Fried’s efforts said the firm was seeking more than $1 billion in financing before the Binance deal was sealed, with one adding that by midday Tuesday the hole appeared far deeper – closer to $5 billion to $6 billion." – Semafor
— zerohedge (@zerohedge) November 8, 2022
Given that much of FTX and Alameda is now likely deeply in debt, and will not be able to recover their losses, it is highly unlikely that depositors are able to recover all of their funds, especially if Binance doesn’t complete the acquisition.
Binance may not go through with their acquisition
Binance’s offer to acquire FTX was welcomed by the markets, but only very briefly.
Very soon, the markets came to realise that the terms of what CZ had stated meant that he can pull out of the acquisition at any time, pending due diligence.
Although Binance signed a letter of intent, this does not mean that they are forced to go through with the deal – it is quite possible that Binance examines FTX’s books and decides to simply let their competition die.
Dash 2 Trade presale is selling out fast
Dash 2 Trade is a crypto signals platform with the goal of bringing trading tools to the masses. By positioning itself as the “Bloomberg terminal of crypto”, the platform is inviting retail traders to make use of a whole range of features that they wouldn’t otherwise have had access to.
In addition to to providing access to technical analysis, there is also the opportunity for traders to gauge social sentiment and to curate their own trading strategies. This means that the entire process of trading can be made far more efficient.
The Dash 2 Trade presale has been selling out extremely quickly, and is now in the third stage of its presale with the presale currently at $0.0513.
At the next stage of the presale, the price will rise to $0.0533, meaning that those who participate in the presale at the earlier stages will be acquire positions at much cheaper prices, and even cheaper than those who first buy the token at the IDO.
Relevant news:
- 13 Best Altcoins to Invest in 2022 – Which New Altcoins to Buy?
- FTX Token is Crashing but this Trading Token is Attracting Millions of Dollars
- FTT Pumps 40% to $16, Binance to Acquire FTX
Dash 2 Trade - New Gate.io Listing
- Also Listed on Bitmart, Changelly, LBank, Uniswap
- Collaborative Trading Platform Token
- Featured in Bitcoinist, Cointelegraph
- Solid Proof Audited, CoinSniper KYC Verified
- Trading Community of 70,000+ Members
This article was written for Business 2 Community by Jamie McNeill.
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