BTC drops to $19,500, ETH hits $1,450, FTT breaks $22 hard support because of intense war

On the morning of November 8, 2022, the crypto market fluctuated sharply when the price of BTC dropped to the milestone of $ 19,500. The whole market was on fire because of the influence of the drama between Sam FTX and CZ Binance.

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Blood market

BTC price at one point dropped to $19,344, down nearly 6% in the past 24 hours. The 24-hour high was recorded at $20,900, meaning that BTC's red candle has flown close to 1,500 prices.

ETH price also dropped 8%, having at one point touched the $1,431 mark. Currently, Ethereum is trading around $1,464 while just 24 hours ago it touched $1,600.

However, the focus of the past few days is not BTC or ETH but the FTX exchange token. The price of FTT has plummeted more than 30% to 15 USD, has penetrated the "hard support" of 22 USD.

In addition, there are many theories that Alameda Research is counter-selling the coins in the portfolio such as SOL to subsidize FTT, leading to the SOL price also dropping significantly.

With the price of SOL falling, all eyes will be on  the loan order of the "Solend whale" , which could cause $59 million of SOL to be liquidated if the coin's price drops to $21.6. This loan order in the past has caused Solend and the Solana community to "heartbreak" and force an abuse of power when voting to take control of that whale's account.

Even Binance's BNB was affected by the wave of market sell-offs, but the impact was milder with a drop of only 5.5%.

BitDAO (BIT) is also “involved”

In addition, surprisingly, there is one coin that is also affected by the "war" between FTX and Binance - that is BitDAO (BIT). BIT price has dropped 20% in the past 24 hours, hovering at $0.33.

  • Details:  BitDAO threatens to sell 3.36 million FTT if Alameda does not show proof of holding BIT

Flipping the history back in 2021, Alameda Research proposed that BitDAO invest $180 million in FTT. Simply put, the Alameda Research fund holds 1% of the total supply of BIT and BitDAO holds 1% of the total supply of FTT. Both parties pledged not to sell tokens for at least 3 years.

 

However, with the current situation, there are many speculations that Alameda Research fund "betrayed", sold BIT and had more money to subsidize FTT, so BIT dumped 35% in the morning of 11/8.

 

With such red candles, it is easy to understand that futures traders have been liquidated a lot of assets. Within the past 4 hours, up to 235 million USD of assets were liquidated, including 62 million USD in ETH and 53 million USD in BTC. And about 85% of liquidation orders are long orders.

FoxCryptoNews summary

Nov 09, 2022

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