Binance backed out from FTX deal

The last few days are not doing well for the crypto market and this time it's the FTX exchange. This was a growing exchange but all of a sudden things turned another way around and now the entire crypto market is affected by this. Luna was one of the biggest incidents that happened in the crypto market but seems like ftx can be the second tragedy in the crypto segment. This exchange has suffered a liquidity crisis and because of this, they have stopped all the withdrawals. It was expected that the industrial leader finance will come into the picture. In fact, there have been a few updates on social media where it was told that finance might come forward to fill the gap.

It's not easy for any exchange to fill the gap of a liquidity crisis as of now and only the biggest exchange can make it happen. FTX exchange has clearly mentioned on their website that all the withdrawals are halted and they have clearly instructed not to deposit anything. This situation is not good at all and because of this, we can see almost the entire Crypto market going down.

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It's like the market is falling continuously and we are going to witness Crypto printers once again. It will be difficult to predict when things will be better now because now Bitcoin is in the range of 16000 USD. Even the Ethereum price is moving toward $1000 price range which is surely a bottom price range for the coin.

There have been concerns about FTX's financial health for quite some time now, which were triggered after $6 billion of withdrawals in just three days. Binance said it agreed to buy FTX's non-US unit post due diligence. In just the last 24 hours, the value of FTX Token (FTT), the native token of the FTX exchange, plunged 85% to $3.15 levels from $19.51, and its market cap remained at merely half a billion dollars.

I had placed an order for hive coin buy and it was filled at 0.44 but now I am a bit sad because I could have gotten more. This is a market and anything can happen so it is okay as I have already missed the opportunity. I think now is the time when we need to wait and keep a close eye on the market to see how it will move. Jumping and buying all of sudden is not a good idea rather we need to keep a close eye on the market movement and see if there is something that we can buy and it can also we called discounted shopping in the Crypto market.

We need to be careful if we are buying something. I am not worried as for me 1 hive is one hive and it doesn't matter at what price it's trading. I am not a seller and I am one of the people who accumulate more coins for the long term. No seems the price is low so we can get more coins for the content creation and even I think posting with a hundred percent power-up is an even better idea.

Thank you so much
Stay Safe

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