The collapse of cryptocurrency exchange FTX on November 8, has created another big downturn in the already gloomy crypto industry.
Bitcoin has collapsed 11.6%, while Ethereum has witnessed a collapse of 15%, according to data from CoinGecko.
While FTX native token FTT has fallen 71.6%, CoinGecko showed, and the firm’s net crypto asset holdings have plunged 83% in just the past two days.
Coinmarketcap and Yahoo Finance charts have shown that the total market capitalization for all crypto assets has fallen by more than 11% from $1.03 trillion to $915 billion. The catalyst to the crypto market downturn was the sudden move made by Binance to acquire FTX following months of tensions between the two crypto exchanges.
The first investor that funded FTX was Binance, the largest global crypto exchange. Binance CEO Changpeng Zhao (CZ), tweeted on Tuesday, “this afternoon, FTX asked for our help. There is a significant liquidity…
