Bitcoin fell to a new low of $17166 during the year, the black swan of the encryption market is…

By akohad Nov9,2022


In the past two days, the FTX platform was thundered, and FTT fell from 25 to 2.5, a drop of more than 90%.

This is a chain explosion caused by the opacity of assets.At first, while FTX proved its asset strength, it was revealed that the problem of misappropriation of customer funds caused users to panic. A large number of users wanted to withdraw their balances from FTX, and there was a run on FTT. FTT continued to fall.

The daily price of FTT fell by more than 90%

Judging from the revelations, CoinDesk initially issued an article on November 6 that Alameda, the parent company of FTX, may be insolvent; then Binance said that it would sell FTT in consideration of the risks.

On November 7th, more users wanted to sell FTT and withdraw the balance from FTX. A large number of withdrawals resulted in the temporary closure of the platform, and some user assets could not be withdrawn.

On November 8th, CZ and SBF were pushing each other back and forth, and the smell of gunpowder gradually became stronger. FTT once fell to 17, and FTX was anxious.

At 12:03 on November 9th, CZ indicated that it could acquire FTX, FTT from 14 to 21, BTC from 19k to 20k;

Later, it was revealed that the acquisition could not be successfully completed. Some said that FTX’s debt was too heavy, and some said that the anti-monopoly law was triggered. FTT plummeted from 21 to 2.5, and BTC fell from 20k to 17166.

At present, the price of FTT is temporarily hanging at 5.5, and withdrawals have been stopped. The market lacks confidence in it, and it may only be a matter of time before it returns to zero. The current price of BTC is 18400, which is recorded as 119 events in the circle.

FTX has been withdrawn in large quantities and currently only holds 36.14BTC

A friend’s main assets is in the FTX, and he can’t propose it now. He can only watch the market plummet and things intensify, but can’t do anything. Putting assets on a centralized platform, once the platform changes, there is nothing you can do.

Another player saw the price of FTT, and as the bad and good news continued to break the news, he saw back and forth and chose to buy long FTT. As a result, he lost 100k Usdt in 10 seconds, and the remaining 10ustd was manually closed with tears.

The empty order was exploded, and the long order was not spared.

The data shows that the centralized liquidation price of BTC is 17k-19k, and the liquidation price is 768 million in 24 hours. Among them, 580 million of long positions were sold out, accounting for 75.51%; 188 million of empty orders were sold out, accounting for 54.49%, and the market was mourning.

Explosion data on November 9th

Most of the other players watched their wallet balances dwindling helplessly.. Any huge fluctuations in the market, ordinary players are injured; black swan events, no survivors.

The market picked up a few days ago, and there was an illusion that the bull market was back. The wallet balance of ChuxiaoLian increased by 10%. Unexpectedly, the FTX thunderstorm, even if not platform users, could not be spared, and the balance fell directly.

The BTC has just reached $21480, but it has not stabilized yet, and a new round of plummeting has begun again. At present, it seems that FTX has collapsed the entire market. I don’t know if there are other revelations in the future, and if there is a more ruthless ending.

BTC daily fluctuation

The crypto market is highly volatile and may return to zero at any time, even if it is a project whose performance continues to rise all the way up.

For example, LUNA in the past, and FTX today, in the growth period of the project, both praise and income have added a halo. Once the operation is wrong, it will be a matter of time to fall to the altar.

The FTX platform misappropriates customer assets and makes market arbitrage by itself. If he make a profit, it will be your own, and if he lose it, the customer will pay.

In every bear market, there are unexpected closures, runaways, and black swan events of large platforms. If FTX does not have more chips this time, or the plot reverses, it will be difficult to save itself.

the top figures in the crypto world

Ordinary players open multiple contracts, and it is really a matter of time to return to zero; one minute, 10 points are pulled, and the next minute the pins drop by 20%, which is completely against human nature. If you can’t bear the market trend, just admit your mistakes and stop your losses.

Spot players should also do a good job of risk management. It may take a few years to get rid of the quilt. Never borrow a stud, because it is impossible to predict where the end point will be. There is no minimum, only lower.
The above is just my personal opinion, no investment advice. I’m ChuxiaoLian, and I’m following the metaverse and web3.

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By akohad

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