NewsBTC
2022-11-09 15:00:29

Crypto Giant Coinbase Not Interested In Buying FTX U.S, COIN Stock Plunges

The crypto market became red with massive losses on Tuesday. Some analysts speculated that the selling pressure on Bitcoin and Ethereum from FTX’s attempt to raise liquidity against impending insolvency caused this cascade of losses. Some analytics data revealed that FTX liquidated its ETH holdings, which placed selling pressure on Ethereum and extended a sell-off to Bitcoin. However, despite FTX’s actions in the market to withstand the tanking of its token FTT, the asset didn’t recover. Related Reading: These Solana Numbers May Scare Off SOL Investors – Here’s Why As of November 7, FTT was down by 19% and has dropped further by 73.04%. News of the FTT collapse spread through the entire crypto market like wildfire with accompanying losses. As a result, the crypto market lost nearly $100 billion, slumping by 10% in the last 24 hours, including a 10% drop in the NASDAQ:COIN stock by the end of Tuesday. The massive loss and sell-offs in the crypto market presented an opportunity for some crypto investors to stuff their wallets with assets. Cathie Woods’ Ark Invest seized an opportunity during COIN stock falls on Tuesday to purchase 420,000 COIN shares worth $21 million. COIN stock is currently trading at an 80% discount. Status Of Binance Deal With FTX FTX’s ordeal started with the announcement by Binance to liquidate its FTT holdings. But this applies to FTX businesses outside the United States. Speaking on Bloomberg Television, Coinbase CEO Brian Armstrong commented on Binance’s decision. Armstrong said he would not make the same move as Binance did. According to the Coinbase chief, that move will distance him from chances to acquire FTX U.S. Meanwhile, Binance has some connection with FTX since its deal with the exchange has not ended. Both firms need to do some settlements. The Coinbase CEO further stated that if the FTX/Binance deal falls through, FTX customers will incur losses, which is not good. How FTX Ordeal May Affect Crypto Regulation: Coinbase CEO It appears that FTX’s losses have become gains for Coinbase. According to Armstrong, Coinbase’s customer activities have increased since the news of the FTX issue. He explained that customers who patronize less regulated overseas exchanges are at risk of losses. Related Reading: Crypto Market Liquidations Reach $830 Million, When Will It Stop Bleeding? The CEO noted that not buying FTX would be okay for Coinbase, but he refused to give more details about his reason for saying so. He added that FTX’s financial crisis might not affect how regulators see the crypto industry. However, the issue would change the regulator’s perception of Sam Bankman-Fried, the FTX CEO. Recall Bankman-Fried has kept an active presence in the Washington Congress in attempts to lobby for the crypto industry regulation. Meanwhile, FTX is currently trading at $4.65, with a live market cap of$619,086,494 and a trading volume of $3,262,989,678. featured Image From Pixabay, Charts From Tradingview.com

获取加密通讯
阅读免责声明 : 此处提供的所有内容我们的网站,超链接网站,相关应用程序,论坛,博客,社交媒体帐户和其他平台(“网站”)仅供您提供一般信息,从第三方采购。 我们不对与我们的内容有任何形式的保证,包括但不限于准确性和更新性。 我们提供的内容中没有任何内容构成财务建议,法律建议或任何其他形式的建议,以满足您对任何目的的特定依赖。 任何使用或依赖我们的内容完全由您自行承担风险和自由裁量权。 在依赖它们之前,您应该进行自己的研究,审查,分析和验证我们的内容。 交易是一项高风险的活动,可能导致重大损失,因此请在做出任何决定之前咨询您的财务顾问。 我们网站上的任何内容均不构成招揽或要约