Crypto Giant Coinbase Not Interested In Buying FTX U.S, COIN Stock Plunges
10 November 2022 - 3:00AM
NEWSBTC
The crypto market became red with massive losses on Tuesday. Some
analysts speculated that the selling pressure on Bitcoin and
Ethereum from FTX’s attempt to raise liquidity against impending
insolvency caused this cascade of losses. Some analytics data
revealed that FTX liquidated its ETH holdings, which placed selling
pressure on Ethereum and extended a sell-off to Bitcoin. However,
despite FTX’s actions in the market to withstand the tanking of its
token FTT, the asset didn’t recover. Related Reading: These Solana
Numbers May Scare Off SOL Investors – Here’s Why As of November 7,
FTT was down by 19% and has dropped further by 73.04%. News of the
FTT collapse spread through the entire crypto market like wildfire
with accompanying losses. As a result, the crypto market lost
nearly $100 billion, slumping by 10% in the last 24 hours,
including a 10% drop in the NASDAQ:COIN stock by the end of
Tuesday. The massive loss and sell-offs in the crypto market
presented an opportunity for some crypto investors to stuff their
wallets with assets. Cathie Woods’ Ark Invest seized an opportunity
during COIN stock falls on Tuesday to purchase 420,000 COIN shares
worth $21 million. COIN stock is currently trading at an 80%
discount. Status Of Binance Deal With FTX FTX’s ordeal started with
the announcement by Binance to liquidate its FTT holdings. But this
applies to FTX businesses outside the United States. Speaking on
Bloomberg Television, Coinbase CEO Brian Armstrong commented on
Binance’s decision. Armstrong said he would not make the same move
as Binance did. According to the Coinbase chief, that move will
distance him from chances to acquire FTX U.S. Meanwhile, Binance
has some connection with FTX since its deal with the exchange has
not ended. Both firms need to do some settlements. The Coinbase CEO
further stated that if the FTX/Binance deal falls through, FTX
customers will incur losses, which is not good. How FTX Ordeal May
Affect Crypto Regulation: Coinbase CEO It appears that FTX’s losses
have become gains for Coinbase. According to Armstrong, Coinbase’s
customer activities have increased since the news of the FTX issue.
He explained that customers who patronize less regulated overseas
exchanges are at risk of losses. Related Reading: Crypto Market
Liquidations Reach $830 Million, When Will It Stop Bleeding? The
CEO noted that not buying FTX would be okay for Coinbase, but he
refused to give more details about his reason for saying so. He
added that FTX’s financial crisis might not affect how regulators
see the crypto industry. However, the issue would change the
regulator’s perception of Sam Bankman-Fried, the FTX CEO. Recall
Bankman-Fried has kept an active presence in the Washington
Congress in attempts to lobby for the crypto industry regulation.
Meanwhile, FTX is currently trading at $4.65, with a live market
cap of$619,086,494 and a trading volume of $3,262,989,678. featured
Image From Pixabay, Charts From Tradingview.com
Solana (COIN:SOLUSD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Solana (COIN:SOLUSD)
Historical Stock Chart
From Apr 2023 to Apr 2024