A deal to buy one of its biggest rivals, FTX, has been announced by the largest exchange by volume.
The exchange, led by billionaire Sam Bankman- Fried, has been bailing out other smaller firms who were already in trouble.
According to the Financial Times, FTX's token sank 30 percent today after it was announced that it was abandoning the token.
FTX asked for our assistance this afternoon. There is a lot of money in short supply.
It's a big change in the market that ends a turbulent chapter. On Tuesday, other major cryptocurrencies fell, sending ripples through the markets and triggering more fears over the industry's future.
Bankman-Fried's FTX is pushing for regulations in the US to make it easier to work in theBlockchain industry.
Three Arrows, a hedge fund that was plunged into insolvency back in June, was the subject of rumors of FTX going bankrupt. This new drama has many players on the edge of their seats because of the collapse of Celsius and other entities.
"There are a lot of parallels to the Celsius and Three Arrows crisis that happened months ago and what you were seeing was investors having deja-vu and fear leaking into the markets," said the analyst.
It's not good to see the largest exchange in the world bail out one of its biggest competitors.
The markets are shaky, but they are beginning to cement themselves.
Ilan Solot, co-head of digital assets at Marex Solutions, told the Financial Times that Changpeng Zhao is the most powerful player incryptocurrencies. The weight of his views will be much more powerful when it comes to interacting with regulators and policymakers.
There is a plan to rescue FTX.
The guy says the crash is good.
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