FTX crash drives cryptocurrencies lower

FTX coin is in freefall today, trading 17% lower at press time. While the coin has bounced off the daily, it continues to trade under pressure dragging other cryptocurrencies lower along. Bitcoin is trading 3.5% lower and drops below the $20,000 mark while Ethereum is taking an even bigger hit with a 5% drop.

Let us recall that Binance, world's largest cryptocurrency exchanges, announced that it will sell FTX token worth around $2.1 billion. This comes amid uncertainty related to Alameda Research, a company linked to the FTX exchange. Financial documents of Alameda verified by CoinDesk are pointing to issues with balance sheet, namely asset value not corresponding to liabilities. FTX token serves as a foundation for the investment firm and the token is not backed by cash, shares or other cryptocurrencies. In a worst case scenario, significant drop in FTX price could lead to big troubles at Alameda. We wrote about this yesterday.

FTX is in freefall today, trading 17% lower on the day. Source: xStation5

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