Binance and Coinbase to replace FTX – Next platforms SALT and Japan’s biggest exchange halt withdrawals

  • Following the FTX collapse, fear of an extended crypto crash has caused a sharp uptick in speculations and, thus, higher daily price volatility.  
  • The fear is genuine as more regulators worldwide focus on the crypto market to avoid further bloodbaths.

After losing around $5000 in two days, Bitcoin and crypto prices are yet to get an outright signal for the next move. More crypto firms are following FTX’s path by halting digital assets withdrawals. On the other hand, Coinbase Global and Binance cryptocurrency exchange have shown their stability through onchain data. Nonetheless, market strategists are concerned that FTX created a dangerous dominoes effect, which to some extent is by now unavoidable.

For instance, SALT, a crypto lending platform, CEO Shawn Owen said on Tuesday that the closure of FTX has adversely impacted its business. Consequently, Owen indicated that the company has no option other than halting deposits and withdrawals. Moreover, Owen said that the company has no specific details pertaining to the FTX collapse.

In another case, BlockFi has announced that it had significant exposure to FTX and its affiliates. As such, the company is expected to file for chapter 11 bankruptcy anytime.

Down the list, Japan’s top cryptocurrency exchange Liquid Global has announced that it is halting all withdrawals, both fiat and cryptocurrency.

Skybridge Capital CEO Anthony Scaramucci has blamed humans ‘primordial instincts and greed’ for the ongoing market crash. Scaramucci says;

You know, that’s pretty rough. That’s very hard to see through. If you’re running a background check on somebody like Sam, you’re not going to find anything. He was unblemished, if you will, prior to this incident. So I think it’s an issue of certain things are going to fall through the cracks, whether you like it or not,

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How fried is the crypto market by FTX?

Following the FTX collapse, fear of an extended crypto crash has caused a sharp uptick in speculations and, thus, higher daily price volatility. The fear is genuine as more regulators worldwide focus on the crypto market to avoid further bloodbaths. For instance, Australia has already revoked FTX’s operating license, and the Turkish government is investigating the same case.

According to billionaire investor Kevin O’Leary, the cryptocurrency market is yet to bottom and will see more losses in the coming months. He reportedly lost his crypto holdings in the FTX collapse case.

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With FTX attacker(s) still at large and moving the stolen stash through different chains, the crypto market will still be at its knees. Moreover, over $450 million worth of digital assets belonging to investors has vanished from a major crypto exchange.

Meanwhile, swing traders continue to enjoy the high volatility. Furthermore, more gains are made when the market is either rising or falling.

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