In case you missed it, Adam provided a good coverage on the drama here:
- Huge crypto deal: Sam Bankman-Fried to sell FTX to Binance
- FTX CEO says the company has 'effectively paused' withdrawals
After a brief bounce as Binance took up the offer to buy FTX, Bitcoin is now back under $20,000 and staying pressured close to $18,000 so far today:
The whole debacle has renewed liquidity fears in the crypto space as FTX is one of the world's biggest exchanges in that regard. And for all this to unfold the way it did, leaves another big question mark about how cryptocurrencies are really progressing when being pitted against traditional financial assets.
I'll leave that up for discussion in another place but let's just say that when the easy money stops to flow, so do the good times in crypto.
In any case, the technicals are starting to become more important now as well with Bitcoin threatening support at its June lows and that could result in another round of selling if that gives way:
