The crypto market plunges on Tuesday amid the FTX-Binance War and macroeconomic factors ahead of the U.S. midterm elections. Several crypto influencers trying to calm FTX CEO Sam Bankman-Fried and Binance CEO “CZ” and make a deal as the dispute pushes pressure on the crypto market.
Bitcoin fell as much as 6.4% to $19,370, while Ethereum plunges 9% to $1,434 in the last 24 hours. FTX Token (FTT) and Binance’s BNB token also fell over 30% and 8% in a day, respectively.
OKX founder Star Xu in a tweet on November 8 said if FTX becomes another Terra LUNA-like incident, nobody will benefit from it including Binance. Moreover, customers and regulators may further lose confidence in the crypto market. The market struggles below the $1 trillion market cap, which was $2.5 trillion last year.
He urges Binance CEO “CZ” to stop selling FTT tokens and make a new deal with FTX CEO Sam Bankman-Fried. Binance CEO earlier announced selling all its FTT tokens gradually in the next few months.
Commenting on the Binance-FTX spat, Crypto.com COO Eric Anziani also asserts both SBF and Binance CEO need to work together. The crypto market is under pressure with Binance selling FTT tokens.
“We have to work together. I think that’s the message because we’re stronger together.”
Moreover, Alameda offered to buy Binance’s FTT tokens for $22 per token. However, Binance CEO is not interested and believes it’s better to stay in the free market.
Popular crypto analyst Michael van de Poppe believes FTX may not go down like the Terra-LUNA crisis. Binance simply wants to sell the FTT holdings due to the exiting the liquidity. “Bit different from LUNA and Celsius, but has similarities as well.”
FTX Token (FTT) fell over 30% amid FUD triggered by Binance’s FTT selling. The 24-hour low and high are $15.56 and $23.15, respectively.
After getting some gains, the FTT token is still trading down 18% with the price trading at $18.20.
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