TVL Solana fell due to FTX; Binance refused the deal
US shares have decreased on the eve of the inflation report, as well as against the background of disappointing data on companies and the fall of the The Prosecutor cryptocurrency market. With regard to intermediate elections in the United States, certainty has appeared, and now investors are expected to publish data on inflation on Thursday to determine the intentions of the Fed to tighten politics.
The storm continues in the cryptocurrency market – Binance refused to buy FTX. The main cryptocurrencies shook it because the BTC fell below $ 16,000, reaching the minimum mark in two years. ETH returned to low July levels. At the time of writing this text, the largest cryptocurrency in market capitalization ranges above $ 16,500, having lost 9.67% of the market value over the past 24 hours. ETH has a similar decrease trajectory – cryptocurrency fell by 9.59% over the same period of time and reached the lower level of $ 1100. The main altcoins are still falling. Most lost the SOL token – 26.86% in the same period of time. In seven days, the token decreased by alarming 53%.
Analytical indicators worsened against the background of the market fall. Over the past three days, the total blocked cost (TVL) has fallen by more than 40%, from $ 1 billion to a little less than $ 600 million. SOLANA blockchain was badly damaged due to the liquidity crisis on the FTX exchange, which, together with Alameda Research, is the main patron of the network. In addition, SOLANA validators will soon unlock more than 50 million SOL tokens, about 13% of the sentence in circulation. This can only aggravate the situation, since the validators are likely to sell SOL and leave the protocol.
The whole city is buzzing about this
Binance cryptocurrency exchange refused to buy FTX, learning about the serious financial difficulties of the company. According to Bloomberg, FTX Director General Sam Bankman-Fried told investors that his company did not have enough 8 billion and need at least $ 4 billion to remain paying. Without inflating the capital of the company, you will have to declare bankruptcy. This has already happened with Celsius and Voyager, while billions of customer funds were blocked during the procedure for their bankruptcy. In addition to financial problems, FTX also has difficulties with liquidity, which attracted the attention of regulatory authorities – SEC and CFTC. They conduct an investigation to determine whether the company could be unscrupulous to handle customer funds, and also analyze the confusing activity of Bankman-Frida crypto-imperia.