Why Is Crypto Market Collapsing Today?

Crypto Market Tumbles Amid Binance FTX Chaos

After Binance announced to sell $530 million worth of FTT, the cryptocurrency market collectively collapsed.

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Investors have expressed concerns about the stability of the industry.

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FTX founder Sam Bankman-Fried denies insolvency rumours of crypto exchange FTX.

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Investors are offloading FTT tokens on insolvency rumours as Alameda Research's balance sheet is heavily laden with FTT tokens.

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FTT is under pressure and is down 21.63% in the last 24 hours.

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Also, Bitcoin and Ethereum have fallen sharply, weighing down the overall market performance.

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According to Coinmarket cap, ETH is down by 6% whereas BTC is down by 5% in 24hrs.

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