Another dip? Hi guys, it’s Binance.
Just a few days ago, we all saw solana pump from 27 to 38.
Although a strong believer of sol, I personally sold at $30, as I was getting tired of holding. But just after the announcement, sol saw a positive price impact to the news of Google building on the solana network. The market was in a frenzy and talks about a short bull run and pumps became the atmosphere. Until CZ woke up. And thought about Sam of FTX.
So for whatever reason, Cz and FTX went from happy-smiley relationship to strong business competitors. Everyone loves a competition, but “friends” donating crypto to the government and whatnot was what Cz wasn’t gonna have. He then decided to revoke his support and investment in FTX’s token, FTT. This decision caused an insane amount of sell pressure, as FTT holders on FTX exchange began to withdraw as well. All of this heavy sell, absence of buyers, and even more sell transactions coming in, FTT began to lose its value in the highly volatile crypto market.
FTT chart as at 22:59, GMT +1.
The single decision of Cz to revoke his “love and support”, and liquidate his FTT holding, wrecked the entire FTX.
As FTX (the enterprise) began to receive much sell pressure, they had to begin to liquidate their assets in other holdings, as they had to create liquidity for their exchange. Hence, they chose sol. As they sold their sol holdings to defend FTT.
Now for fear of getting caught in the fight, CT decided to “sell all to zero”, and “take profit”. Sadly, the market wasn’t having it.
All these series of activities let to the loss of billions in the FTX balance sheet (which binance says is messy), and hundreds of millions from the entire ecosystem.
This has been our experience, at one of the retest lines in cryptocurrencies in this bear market. On the inside, we have witnessed how one whale has affected not just a competitor, but the entire industry with one decision. On the outside, “It’s been a bloody dip! And everyone’s panicking!” What happens after now, no one knows. But the vision remains. LFG🚀🚀
