FTT - FUD ON THE ABYSS
Updated
The "FTT token" is the native cryptocurrency token of the trading platform FTX.
> Sam Bankman-Fried is one of the founders of the platform and is considered the "young Elon Musk" in community circles.
> For some time, "rumors / speculations" started that the separate company behind FTX = ALAMEDA (investment fund) might be insolvent. (both companies are owned by Sam Bankman-Fried).
> The reason is lack of liquidity of ALAMEDA balance sheet, which consists of Illiquid crypto collateral, + lack of cash reserves.
> After asking for evidence, the answer was indirectly dodged.
Yesterday, the founder of BINANCE had announced on Twitter that he will liquidate his existing FTT tokens.
As a reason for his decision, he cited a lack of trust and looking back at the last "disasters" with "Celsius", "LUNA" + "3Arrow", he does not want to expose himself to any additional risk.
It should be noted that the announcement of the Binance founder from the timing, a supposed death blow - Spartan scale resembles.
> With this he poured oil on the existing fire and the situation could escalate at any time.
> Should there be a "bank run" on the company + the token here if necessary, you can in the following analysis, get a picture of the possible crash.
The probability that this problem will be solved is of course in the room, a possible "loss of face" Sam / FTX / ALAMEDA - can no longer afford.
> Result = wait and see and rather stay out of trading - that will end in liquidation, both directions..
We are, with the course, at several last SUPPORT levels.
> Should these be significantly broken, it will be a fast descent!
> If the rumors are true, this will additionally mean another sell-off for the crypto markets.
RELEVANT LEVEL
- 22.00 USD
- 20.00 USD
- 19.82 USD (SIGNIFICANT BREAK = crash)
WEEKLY VIEW
3 DAY VIEW
DAY VIEW
> Feel free to discuss it in the comments and share our perspectives, I'd be "burning" to hear your take on the whole thing.
If this idea and explanation has added value to you, I would be very happy to receive a review of it.
Thank you and happy trading!
> Sam Bankman-Fried is one of the founders of the platform and is considered the "young Elon Musk" in community circles.
> For some time, "rumors / speculations" started that the separate company behind FTX = ALAMEDA (investment fund) might be insolvent. (both companies are owned by Sam Bankman-Fried).
> The reason is lack of liquidity of ALAMEDA balance sheet, which consists of Illiquid crypto collateral, + lack of cash reserves.
> After asking for evidence, the answer was indirectly dodged.
Yesterday, the founder of BINANCE had announced on Twitter that he will liquidate his existing FTT tokens.
As a reason for his decision, he cited a lack of trust and looking back at the last "disasters" with "Celsius", "LUNA" + "3Arrow", he does not want to expose himself to any additional risk.
It should be noted that the announcement of the Binance founder from the timing, a supposed death blow - Spartan scale resembles.
> With this he poured oil on the existing fire and the situation could escalate at any time.
> Should there be a "bank run" on the company + the token here if necessary, you can in the following analysis, get a picture of the possible crash.
The probability that this problem will be solved is of course in the room, a possible "loss of face" Sam / FTX / ALAMEDA - can no longer afford.
> Result = wait and see and rather stay out of trading - that will end in liquidation, both directions..
We are, with the course, at several last SUPPORT levels.
> Should these be significantly broken, it will be a fast descent!
> If the rumors are true, this will additionally mean another sell-off for the crypto markets.
RELEVANT LEVEL
- 22.00 USD
- 20.00 USD
- 19.82 USD (SIGNIFICANT BREAK = crash)
WEEKLY VIEW
3 DAY VIEW
DAY VIEW
> Feel free to discuss it in the comments and share our perspectives, I'd be "burning" to hear your take on the whole thing.
If this idea and explanation has added value to you, I would be very happy to receive a review of it.
Thank you and happy trading!
Note
A very nice article that makes the whole mess a bit understandable.zksyncenjoyer.substack.com/p/sbf-vs-cz?utm_source=twitter&sd=pf
Note
Current status for all concerned:The FTX CEO Sam, after stealing the remaining customer funds through a backdoor of the FTX platform, fled with a private jet from the Bahamas to Argentina.
How the further course of the insolvency will take place is still open, because since the initiation of the insolvency, one negative information follows the other.
My personal advice (as an affected person) is to regard the stuck money as "lost" and to come to an emotional conclusion with the topic as quickly as possible.
It is not necessary to condemn anyone here and look for a scapegoat, because you have to make yourself responsible for it. The decision to hold collateral on a trading platform was your own, and you should be aware of the risk involved.
Keep in mind - regardless of monetary losses, you should always be aware that your mental and physical health should be priority number 1. The sooner you realize that you need to move on from the situation, the sooner you will get better in both of those areas.
I wish each of us the best!
Trade closed: target reached
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