Why is FTX in bad shape?
- FTX is the third-largest crypto exchange
- The company engaged in buying broke crypto companies and was over-leveraged in their crypto holdings
- FTX did not back its customers’ deposits properly
- Binance engaged in a selloff of FTX’s tokens FTT in the open market
After the announcement of the cancellation of the acquisition, the crypto market crashed further. On average, most cryptos lost around 14% in the past 24 hours.
- Bitcoin (BTC): $15,990 (-13.96 %)
- Ethereum (ETH): $1,124 (-15.34 %)
- Tether (USDT): $1 (0 %)
- USD Coin (USDC): $1 (0 %)
- Binance Coin(BNB): $269 (-15.66 %)
- Binance USD (BUSD): $1 (0 %)
- Ripple (XRP): $0.33 (-17.53 %)
- Cardano (ADA): $0.31 (-13.81 %)
- Dogecoin (DOGE): $0.073 (-15.08 %)
- Polygon (MATIC): $0.80 (-22.08 %)
