THINGS ARE ESCALATING FOR THE CRYPTO MARKET [Cz Binance Vs FTX]
The entire crypto Market, in fact, is down significantly the last 24 hours guys. Today we are going to talk about everything you need to know about the FTX potential insolvency whats going on. How did two former friends turn into trying to destroy each other on the internet here and actually taking down each other businesses guys? I have a lot of things to show you. I will go through the Rivalry from the beginning. Until the end, I will go through the market. I will go through everything you need to know to prepare yourself right now, because time is of the essence and for every hour that goes by things are changing rapidly. For the crypto space so make sure to stick around watch the entire video Welcome Back everybody. My name is Chris, bringing you cryptocurrency videos every day, teaching you how to make money in this market. If you are new to the channel, then make sure to subscribe and activate the Bell right now and lets get straight into first. The charts for Bitcoin here, and what you can see is that we have had a massive pullback here recently guys. We have actually gone from 21 500 down to 19 300 thats, ten percent in just three days, so this is a massive pullback for Bitcoin, and the question is, of course, is this just the start, or is it soon over here? Well, one thing we can see is that we at least found the support here of of The Orange Box, and we have found support here.
We did go below it slightly, but we didnt close below it instead were finding support on the bodice of the candle. So that is one thing to be on the lookout for, but of course, although The Orange Box is very strong here – and I do tend to think in general that were gon na Bounce from these levels, of course, with the current situation going on right now, we Have to be very careful, one thing I will also say is that the one of the Bots which, as you know, had a um stop loss down below this level actually also got stopped out? I do believe it was at profit or pretty sure it was at profit because it had already been making pretty significant gains previously. But I just wanted to point out that that bot has been stopped out and yeah its very unfortunate that these two billionaires decides to go after each other on the internet here trying to liquidate each other. So lets talk about whats going on so the FTX token plummeted as Market fears possible, Alameda contagion. So, of course, if FTX goes down that has massive contingent on the rest of the market. Now the FTX token was trying to be defended here by FTX. Ftx really wanted to keep the price here at 22 000, But ultimately, it went down due to people just selling FTX tokens in Mass whats, even more. Concerning, though, is that withdrawals from FTX are not going through its been more than an hour, and if you check out the withdrawals from FTX, they are only for small amounts: people withdrawing 724 hundred dollars, one hundred dollars, someone actually withdrew – 9.
5, not million nine point five Dollars to try to get something out of FTX here, so things are starting to look pretty bad for FTX, and this is of course, something I covered a couple of days ago, trying to warn you about this, actually being a danger. So I hope that you withdrew your money from The Exchange guys while they were still processing withdrawals. So what I do want to know if you still have money on FTX. Let me know that down in the comment section, if you are not able to withdraw your money, I would love to know, but lets talk about some of the background. So as part of binances exit from FTX Equity last year, binance received roughly 2.1 billion dollars in BSD and ftt, so they are starting to liquidate these ftt on the open market. How much do they have well? One thing we do know for sure is that they have at least 580 million dollars which they are liquidating on the open market. And why is this very dangerous for FTX? Well because they have been using – and this is speculation that they had been using. Ftt that FTX has as collateral borrowing against their ftt holding so theyve, been borrowing against ftt and using that money to do things in the crypto Market. But, of course, if you borrow against an asset, if the asset drops down below a certain level, then you get liquidated, you get bankrupt, you get destroyed, and this is why FTX are kind of in panic mode right now.
It seems this is how the storm broke. A competitor is trying to go after us with false rumors. This is what FTX posted just yesterday and binance previously said that a competitor tried to go after us with political lobbyists. Now we do know that FTX is a deep into U.S politics. He was the largest contributor to the Biden campaign, and whats easy is suggesting here is that he has been trying to get binance in trouble from a regulatory person perspective by using his political influence, SPF trying to use his political influence to hurt the binance exchange. So the feud between these guys have been going on for a long while on Twitter, but it didnt start out like that. Remember binance actually kick started. Ftx binance was one of the biggest investors into FTX, so it started out well, but I guess that FTX just got very big. He started Sam here started to maybe try to actually Dethrone binance here in what binance sees as in a very bad manner. This is what FTX said yesterday: a competitor is trying to go after us with false rumors. Ftx is fine. Assets are fine. Here are some of the details. Ftx has enough to cover all client Holdings. We dont, invest client assets even in treasuries. We have been processing all withdrawals and will continue to be some details on withdrawal speed. You can check out this link. Ftx is heavily regulated. Even when thats slows us down.
We have gaap audits, with over 1 billion in excess cash. We have a long history of safeguarding client assets, and that remains true. Today, I would love it for cc binance and if we could work out together for the ecosystem – and this is also what I want to see them working together and trying to resolve these differences because them trying to measure their power on the internet. Here is just going to drag the entire crypto space down. They are trying to liquidate each other and thats, not a good look for the crypto space right now. So what have you seen from CZ? Well, we do know that Alameda actually offered to buy the entire position of ftt from CZ binance and the binance replied: do they have or will they buy 580 million dollars worth of BNB? So he is basically in between the lines theyre suggesting that maybe, if FTX actually buys the entire ftt by that binance has, which is 500 mil 580 million dollars. If they buy their entire bag in BNB, they could just swap out those tokens. So we dont have a reply uh yet from FTX on that matter, however, lets work. This out, Udi were teamers us, we could have a Twitter space and we can try to discuss these things and the SPF actually replied that he would love it if CC binance. If they could work out together for the ecosystem, lets have a Twitter space Im in lets.
Do it no reply from CZ? Now I want to go back in history a bit. I want to go back to 2019, where we did have a flash attack on on the binance exchange, which actually hurt binance a little bit, because you saw a big wick down here for Bitcoin. So what he said is that a market maker from a smaller Futures exchange try to attack binance Futures platform. No one was liquidated as we use the index price, not Futures price for liquid nations are Innovation, only the attacker lost a bunch of money, and that was that remember FTX had been started by this point. The attacker is a well known account that trades with binance and started their own future exchange a few months ago. This was the second attempt, they tried shame so could it have been uh FTX and Alameda research who tried to hurt the binance exchange by liquidating different tokens here on the exchange? Well, we know that FTX and Alameda research have been doing similar things previously remember when Sam used ftt collateral to short Wi Fi to the ground after y squeeze, instead those who didnt like it were but hurt good times so just like I said this is why Ftx are so concerned about the ftt price going down because theyve been using supposedly ftt as collateral, which has a book value of you know several billion dollars, but its very illiquid. So the moment people start selling ftt well, f.
Ftx gets in trouble because theyre using it as collateral and if the price gets low enough, they get entirely liquidated, so theyve been using the aftert as collateral and pushing down token prices destroying projects on their path just to make money. This is the speculation, and not only that theres all also been this thing between SPF and binance. This was a tweet that was deleted by SPF, but this is what he said replying to someone, but also tagging sees the binance Im excited to see him as in as CZ. I guess wrapping the industry in DC going forward uh. Is he allowed to go to DC rights? Basically saying hey, I got the US on my side. I got the US in my pocket in terms of regulators, you will not have any influence in the US CC binance. So, of course, this is something that CZ binance did not lie. Also just to clarify. Binance has about 8 billion dollars worth of eat in our cold wallets. So if FTX tries to pull something, he has enough money to process all of the withdrawals from customers without a problem. This is what he clarified. What we can also see is that Alameda is dumping tokens across the board. One of the tokens is bit, which is buy bits token by bit. Of course, one of the exchanges Im working with one of the exchanges I actually like, and you can see that the bit dial token did see a massive dump here just a little while ago.
Since then, the price has recovered, but of course, when you see Alameda research dumping bit down well buy bit gets a little bit concerned. But how did Alameda get these ftt or sorry the bit dial tokens in the first place? Well, they were actually an investor in the bit Dao and in exchange for 100 000 bit dial tokens uh by bit actually received 3.3 billion. Sorry, 3.3 million ftt tokens. However, they did have a public commitment to not sell each others tokens for three years, which it seems like FTX are right now breaking, which is, of course not a good look. It just amplifies the kind of perception that FTX are in panic mode right now. Breaking these agreements and dumping tokens well, how are Bible going to respond to this? As we know, Ben said that SPF actually promised to never dump the 100 million uh tokens that he owns well, he said the bit Tau Community is questioning the sudden dump of bit tokens caused by Alameda dumping and breaching the three year contract. We would like to confirm the proof of funds from Alameda, so they want to see where Alameda actually has these tokens and if they have been dumping it or not, and also they have issued a community proposal that if they do not get a response within 24 Hours, they are in turn, going to dump their ftt bag or, namely, and specifically 3.3 million ftt tokens. So this, of course, is not something that FTX wants on the back of them, trying to defend the the ftt token here and on the back of them, potentially getting liquidated or, if private actually dumps the tokens here from ftt.
So what do Alameda research do? This is debuted about crypto guys, you see everything on or you see most of the things happening on the Chain. So let me research just with through 500 million bit tokens, which is 200 000 roughly from coinbase, so maybe theyre trying to scramble to scrape together the 100 million bit tokens which they have potentially already sold but trying to buy that back in order for buybit to Not dump their ftt, so this is where we stand guys, and I can just say that this is not a good look for Regulators. Not only are we, you know getting in trouble with our trading here, because these billionaires are trying to liquidate. Each other were also like from a regulatory perspective, seeing two billionaires influencing the the crypto Market entirely, just because they want to destroy each other and the price is going down. The Regulators are looking at this, and this gives Regulators a reason to go after crypto, which, of course, we do not want to see guys its more important than ever to get a ledger right now, youre able to get 10 off buying a hardware wallet to keep Your money on a hardware Wallet be safe guys. This is why I always preach. Get a hardware wallet, get a ledger as soon as possible so that you can withdraw your funds from every exchange. Keep it in your own wallet, so get a ledger using this link.
Right here, get 10 off and, of course, be careful, but if you want to trade this volatility, you are able to get up to ten thousand dollars on okx and up to eight thousand four hundred dollars on bitcat, so make sure to use these links right here. Thats, where we stand guys, that is where we stand right now. I will keep you updated, make sure to subscribe and activate the Bell right now.