Bitcoin Price and Ethereum Prediction - FTX Down 35% amid Insolvency Rumors
The Asian session has started with a crypto market massacre, with all of the main cryptocurrencies on a strong negative run and the global crypto market cap plummeting below $1 trillion amid FTX insolvency fears. Bitcoin price fell sharply and broke through an upward trendline to trade at $19,600. Similarly, Ethereum fell 7.5% to $1,470.
Billionaire Sam Bankman-FTX Fried's cryptocurrency exchange was the subject of increasing rumors throughout the night, but the company's CEO tweeted first thing Monday morning: "FTX is fine. Assets are fine."
We covered a story earlier today that Alameda Research, a subsidiary of FTX, carried a large amount of its native exchange token, FTT, on its balance sheet. A public spat ensued between Alameda CEO Caroline Ellison and Binance CEO Changpeng Zhao, who also owns a substantial amount of FTT tokens.
The CEO of FTX says that speculations about the company's financial health are unfounded.
After rival crypto exchange Binance announced it would sell its holdings of FTX's native token on Monday, FTX founder and billionaire Sam Bankman-Fried took to Twitter to reassure crypto investors.
Sunday, Binance CEO Changpeng Zhao tweeted that "due to recent revelations that have come to light," the exchange would be selling its FTX token holdings.
But Zhao did not elaborate on which disclosures he was referring to or how many tokens Binance actually had.
In response, FTX's Bankman-Fried encountered with series of tweets, saying:
"A competitor is trying to go after us with false rumors."
Check out this link if you want to read more about the FTX backstory.
In the last 24 hours, the top performers were Toncoin (TON), VeChain (VET), and Chainlink (LINK). Overall, the bullish bias is a bit weaker as the market is
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