Binance Wages War on FTX: Is This The End Of Crypto?
Let's understand why Binance CEO CZ is planning to liquidate all of their FTT holdings
You would have been surprised if you had been on Twitter these past few days. All the Elon Musk tweets had been replaced with tweets about the feud between Crypto exchanges Binance and FTX.
The drama started when Binance CEO Zhao Changpeng announced that they were selling their FTT stake of around $530 million. This decision was because of "recent revelations," which probably refers to the CoinDesk article posted on the 2nd of November.
The article stated that 40% of Alameda Research's 14.6 billion assets consisted of FTT.
After CZ's tweet, everything went haywire. FTT fell 36% as panic kept increasing in the market.
It looked like the entire crypto market was going to crash. FTX's end was near.
But, just before all hope was lost, Binance CEO CZ announced that they would be buying FTX to help them with their liquidity crunch.
All this drama was triggered by a news article and a tweet from the Binance CEO. Was this all planned or just a mere coincidence?