Will FTX became the second Luna?

[masulum]

It's terrible what happened to FTT, the news of FTX being sold to Binance really affected the trust of the community, investors and traders in FTT. The news of the sell of all of Binance's FTT assets also put FTT under market pressure. IMO, there is also a fear experienced by holders, we know that Binance already has BNB, maybe they are afraid if FTT will be abandoned by Binance so that it does not have dual currencies. So after the sell from Binance, followed by investors and holders. I think, if the sell doesn't stop, FTT will die by itself. something really bad. careful if you want to buy FTT right now.

[zasad@]

https://www.theblock.co/post/184176/ftx-appears-to-have-stopped-processing-withdrawals-on-chain-data-show
"Crypto exchange FTX, which is currently fighting a battle with rival Binance, seems to have stopped processing clients' requests for withdrawals, according to on-chain data.

The last outgoing transaction from FTX on the Ethereum blockchain took place at 6:37 a.m. ET, more than two hours ago, data from Etherscan show. It's a similar story on the Tron and Solana blockchains as well, on-chain data show.

An exchange spokesperson did not immediately respond to The Block's request for comment."
It will be very funny if Samuel Banckman-Fried is punished for the fact that his company attacked the Luna coin.

[albon]

Well last week was Gala, and today FTT.. What's next? #Bitcoin is the best

The liquidity crunch that occurred to the FTX platform and after the CEO of Binance announced that he would sell all of Binance's holdings from FTT, caused panic and anxiety among investors and I believe that this bad news and rumors will cause the collapse of FTT currency soon. I hope that FTT holders will not face the same fate as Luna investors, which collapsed and caused huge losses to investors. Frankly speaking, I sold my FTT and Bitcoin was the safe haven for me for long-term investment.

[Beparanf]

It's terrible what happened to FTT, the news of FTX being sold to Binance really affected the trust of the community, investors and traders in FTT. The news of the sell of all of Binance's FTT assets also put FTT under market pressure. IMO, there is also a fear experienced by holders, we know that Binance already has BNB, maybe they are afraid if FTT will be abandoned by Binance so that it does not have dual currencies. So after the sell from Binance, followed by investors and holders. I think, if the sell doesn't stop, FTT will die by itself. something really bad. careful if you want to buy FTT right now.

Binance will not likely gonna materialized since they are rival and there competition starts this drama so I doubt that CZ will purchased nor SBF will alows it. CZ is just a announcing a false hope so that it looks like they are trying to help despite they are the one who started it. CZ doesn't need FTX if it's reputation is already destroyed since Binance is still the top exchange at this moment. I believe he is just clearing his image because he publicly announced his plan to destroy FTX and possibly FTX investors will gonna blame him for the damage done.

On his move. At least he show that he wants to help and put all the blame to SBF for the damage.

[Minecache]

... I think, if the sell doesn't stop, FTT will die by itself. something really bad. careful if you want to buy FTT right now.

I also think that FTT will die on its own and there will be no takeover here, if binance takes over FTX, they will be entangled in antitrust laws and with that action, they will also attract the attention of the government. That would be a better reason for the government to get involved and go deeper into regulating the market.

FTT's death will cause more damage than Luna's, in just 2 short days this event has wiped out more than 150 billion market capitalization, 2.5 times more than Luna caused and probably not stop here.

[pawanjain]

Well last week was Gala, and today FTT.. What's next? #Bitcoin is the best

I think it would. I don't want it to. But at the current FTT is dumping I don't think it will be able to recover at all.
It would probably bleed in red till the price goes to zero and hence the eternal collapse of FTT.
I wonder what's going to happen with Solana now that FTX is going down the drain.

[noormcs5]

Well last week was Gala, and today FTT.. What's next? #Bitcoin is the best

Binance will acquire FTX after their talks so I don’t think this will be like LUNA because they are doing an early prevention strategy. I don’t know what Binance did here after announcing that they will liquidate their holdings and now they are buying the whole project, it looks like a manipulation but we will see. Lucky to those who are able to short with FTT, now let’s see if BNB will pump after this.

No, Binance will not acquire FTX. As per the recent developments, Binance will back out of the deal to buy FTX, and this tweet which was about an hour ago, the market again felt. Although this tweet is not official from CZ or FTX but still the market reacts to it.

The bear market is in full flow and i don't expect any good news to come in short term.


https://mobile.twitter.com/BitcoinMagazine/status/1590367289848700928

[$crypto$]

Well last week was Gala, and today FTT.. What's next? #Bitcoin is the best

I think it would. I don't want it to. But at the current FTT is dumping I don't think it will be able to recover at all.
It would probably bleed in red till the price goes to zero and hence the eternal collapse of FTT.
I wonder what's going to happen with Solana now that FTX is going down the drain.

I think that's how FTT will continue to fall as the news continues to heat up right now, and I'm no longer sure about altcoins which in reality can be bad even though many say FTX is a big exchange as evidence we see their tokens can be dumped by someone.
Might have an impact on Solana too but recently I saw Crypto.com delaying USDC withdrawals on the solana network on the other hand there is more bad news about Solana so I guess this is the biggest scenario I see.

[Cryptogreatdane]

I just saw on CNBC that Binance dug into their books and it could be as big as a 6 billion dollar hole. I think Binance lets them fall. This is what happens when you let hedge fund guys get between you and your keys. Its meant to be decentralized. Just you and the chain. The sooner the world embraces this the sooner we can weed out the greed

[execijutiere]

The chances are high. Anything can happen at any time in the market. I am no longer surprised by such events. We can say that CZ finished FTX's deficit by catching it well. After this time, there will not be many stock market owners who want to quarrel with CZ. In this way, FTT ate a nice dump and we saw it drop from 25 dollars to 2-3 dollars. This is likely to continue. So it is a very risky market and it is difficult to predict which way it will go at any moment.

[OgNasty]

Well last week was Gala, and today FTT.. What's next? #Bitcoin is the best

I think it would. I don't want it to. But at the current FTT is dumping I don't think it will be able to recover at all.
It would probably bleed in red till the price goes to zero and hence the eternal collapse of FTT.
I wonder what's going to happen with Solana now that FTX is going down the drain.

I think that's how FTT will continue to fall as the news continues to heat up right now, and I'm no longer sure about altcoins which in reality can be bad even though many say FTX is a big exchange as evidence we see their tokens can be dumped by someone.
Might have an impact on Solana too but recently I saw Crypto.com delaying USDC withdrawals on the solana network on the other hand there is more bad news about Solana so I guess this is the biggest scenario I see.

Ya, besides FTT obviously falling to nearly 0, SOL might be the next biggest loser as FTX was a big supporter of the network.  It's probably a good thing for the industry as a whole, but for anyone with leverage they're going to take a hit on the chin.  The rest of us will have to close our eyes and hope that the other side of this storm is better.  I think it will be, as price swings that clear our leverage are in everyone's best interests and it looks like the largest player in the leverage risk space has just gone down.  Hopefully there was enough time for people to get their funds out and hopefully it doesn't continue to spread throughout the market.

[Jating]

Well last week was Gala, and today FTT.. What's next? #Bitcoin is the best

If you are talking about a potential crash that can affect the market, yes, in the last 24 hours, the whole crypto is in red already, there are bloods in the street caused by the FTX and even if Binance tried to salvage it, seems to be the damage has been done already. And there are a lot of FUD coming out as well, to highlight what and why it happened.

But I agree that bitcoin is the best crypto asset or even if we talk about the traditional financial market.

And with that said, then this is the right time to invest again, the price is around $16,800, best buying opportunity.

[jossiel]

The market showed how it's very affected by this. We're down and saw a new bottom for bitcoin and this is now opening the idea that it could have another bottom.

The exchange itself is the problem and that's FTX.

Their liquidity is being controlled and that's not looking good on their side and very likely that it'll take time for them to be trusted again by most retail traders and investors.

[wheelz1200]

Well last week was Gala, and today FTT.. What's next? #Bitcoin is the best

This is why whenever anyone says "low risk" altcoin I laugh.  Any of these projects can crash at anytime.  Leaning heavy in on bitcoin is never a bad idea, leaving a little room to gamble on alts.  But that's what altcoins are, a gamble.

[Baofeng]

The market showed how it's very affected by this. We're down and saw a new bottom for bitcoin and this is now opening the idea that it could have another bottom.

The exchange itself is the problem and that's FTX.

Their liquidity is being controlled and that's not looking good on their side and very likely that it'll take time for them to be trusted again by most retail traders and investors.

And CZ and Binance bailing out in the last minute, not good and that's why we hit another bottom again.

But we can't blame CZ here, well you can say that he played us, but what can he do if the FTX guy mismanage everything. And then there is the regulators coming on their way. So CZ has no choice but to get out of the supposedly buying of FTX to help and salvage it because it doesn't have any funds. It's beyond Binance ability to help and all the blame should go to go FTX.

Scary times indeed, but we need to be mentally tough in this situation and not to sell our bitcoin or any other assets.

[WalkerIVIV]

this coin future looking very grim honestly, and it seems it's really going into that direction basically becoming the next luna will which unfortunately gonna affect the whole market and make the bullrun still far from coming. I really wish that they wouldn't become the next luna but then again it has lost so much of its value that I think recovery is already beyond it. I just wish that it will have minimal impact towards the market so that the other could still get spared in term of valuation and didn't further losing its value.

[Jackl87]

Well last week was Gala, and today FTT.. What's next? #Bitcoin is the best

Well seems like FTX has just become the next victim of Binance and CZ's road to become the total monopolist of the crypto space. First they buy the biggest overview site of the crypto space with coinmarketcap and of course they use it now to lure new users into their own Exchange and they are highlighting projects that have connections with Binance more than other projects of competitors. Then they announce that they will no longer support USDC as a stablecoin on Binance even though it is a widely adapted and very safe stablecoin. The only reason why they are not supporting anymore was that USDC was managed by coinbase their rival. And now FTX.

[Lagduf]

From 21,000$ to 17600$ in 24,hrs? I don't remember luna crash this bad or am I wrong? It shows that if CZ haven't decide to take over FTX the result will be more disastrous, this can cause the greatest crypto bubble in the entire crypto history.

You're wrong about that caused by you have been taking bitcoin while don't you aware if it's about FTT and any ecosystem that being supported by FTT? I meant any projects backed by FTX would be affected in this case. CZ aware if financial report from FTX must be seen before it will be tried to think whether binance would be acquire FTX or not since FTX was not getting published and financial report has not yet revealed to the public. That's very bad to see FTX has very bad financial report.

At this point some people are still expecting more downside for FTT token but I still believe that the bottom is finally in, the fear and greed index just shows that we might be heading into another extreme fear but it's also a good opportunity to.

Zero value must become the reasonable target for sure. The problem if this would become a snowball problem.

Remember, be greedy when others are fearful.

I have a few dollars taken by FTX caused by i can't withdraw it to my wallet.

[Riodarvg]

FTX being the exchange itself is the problem. After the LUNA crash, Cz blocked FTX making this market look as bad as the entire industry, trying to find us all and buy the FTX exchange and save the day.
Hopefully the same history will not repeat itself. After the Luna crash triggered a market-wide meltdown, it is still struggling to recover from that event.

[ThemePen]

I think it will do like LUNA because Binance is attacking again and again on it. And just playing with people's minds.

First CZ post a tweet and after some time he delete his tweet. And FTT price go down and touch $3. They are just liquidating the accounts of the users.

They are calling him.