At this point, it is no news that the crypto world is crashing; much like the times before, this decline has caused a lot of hearts to race quickly because, well, there is hard-earned cash involved, and no one likes losing money even if the money was gifted.
If you are like me and have a hard time understanding what is happening in the crypto world, I have gone to ask all my crypto friends to explain it to me, and these are my findings so far;
Sam Bankman-Fried, the owner of FTX, an exchange platform that has been crashing to its absolute death due to a ‘liquidity crunch’. Sam embarked has caused not only him but a lot of money. Money at ftx wasn’t moving how it was supposed to, and a series of silly mistakes.
Following its collapse, binance made a move to buy over FTX. Still, after going over the financial situation Sam had placed the company in, Binance CEO Zhao decided they would no longer be doing that.
These actions have caused cryptocurrencies to continue to plummet, and hopefully, like the times before, the market will rise again.
Or what do you think?.