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The problem of FTX, Binance and the price of Bitcoin

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Written by   38
2 months ago
Topics: Ftx, Bitcoin, BTC, Binance, Halving, ...

This is going to be the topic without a doubt that will be talked about the most in the crypto world this November and which will explain what happened.

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First of all, it is not an absolute truth, but an opinion like so many of a new collapse since May 2022 on the fall of BTC and other currencies, apart from the fact that we are like this:

"Necesito hablar sobre el caso de FTX"

Well, there has been another big movement that has shocked this 3.0 world, with the instability shown by the FTX exchanges page, plus its FTT coin the FTX Token, experts said that this center had instability more than normal, which was consumed on November 9 that this company does not have all the funds that they have registered in the financial media, which caused the fall when that announcement was official, which generated all the tension to the millions of users of this exchange.

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Binance helped, but NOP

Binance is one of the main rivals of FTX, but financially they have a close relationship, so when they learned of this fall, they ran to support an indirect ally, it was about to close a contract of almost $32 B, but the biggest world exchange had to hit the brakes, seeing that the FTX problem was serious, for the reason explained above that they do not have the total amount that they have officially disclosed, generating doubts about their operations, which set aside their option to control the situation.

But why does the price of BTC fall?

It's simple, many users daily had confidence in FTX; seeing this fall massively they have withdrawn their money from there, apart from the fact that FTT has practically run out of funds, causing in this combination the fall of approximately 24% of the price in the main currency. From this point another great alarming moment for the crypto world, but despite everything, it can be overcome.

Here is the graph taken at the time of publication, as always the BTC can vary, where it is noted that on the morning of November 8 it was up to over $ 20K until the collapse of FTX to lose a large amount, reaching up to $ 15K figure that It has not been reached since the winter of 2020, it has recovered a bit but it is not yet known if there will be stability or a new decline.

FTX was next

Months ago, when the Luna Terra clash was betting on which would be the next coin to collapse, we said so many but surely few or almost no one had on the list that it would be an exchange, nothing less, with its native token.

These company bankruptcies or what could happen with FTX which seems imminent, will not be the first nor the last in this crypto world. So that is why the alarm is understood, especially if the price of BTC becomes bearish, but that is the message that must be understood, it will continue to happen as in any financial medium.

The safest recommendation at times like this is to transfer your coins to stablecoins or to brokers where the price of the dollar is not variable in prices, the most important thing is to check prices every day to secure your capital.

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Written by   38
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Topics: Ftx, Bitcoin, BTC, Binance, Halving, ...
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