08 Nov 2022
Binance vs. FTX: Clash of the TitansBinance vs. FTX: Clash of the Titans
The Binance vs. FTX feud has escalated, as Binance seeks to sell its FTT balances. FTT has experienced immense volatility, and sees burgeoning open interest. The entire crypto market is taken aback by the recent developments at FTX, but FTX related tokens such as FTT and SOL are the most severely impacted. In addition to internal crypto mayhem, a busy macro week is set to create volatile market conditions.
- Bitcoin is down 4% as uncertainty related to FTX grows
- Binance seeks to sell FTT tokens after Coindesk article reveal Alameda collateral
- FOMC coming up, and correlations to broad markets reigns high
Friction between the two most influential crypto exchanges has escalated throughout 2022. It has reached hostile levels in the last couple of days following the release of a Coindesk article related to Alameda Research’s (FTX subsidiary) assets and liabilities. We elaborate on the necessary details on page 6. The key takeaway from the entire ordeal is that FTX is facing an ongoing bank run caused by Binance and its CEO, Changpeng Zhao (CZ), actively selling FTT and racing concerns related to the financial health of FTX.