Written by : Rajnish Kumar

Crypto Crisis: Bitcoin Collapses By 17% and Sees No Hope

The cryptocurrency market has fallen 12.3 percent in 24 hours as questions over the reliability of crypto firms' solvency grow.

The cryptocurrency industry is thrown into a fresh crisis of trust.

When the prices of crypto started to stabilize, new turmoil shook the sense of relief that was coming into the cryptocurrency market in the year.

The implications and consequences of this story are in the process of being defined because the shock is massive.

Sam Bankman-Fried who was revealed during the summer months as the champion of crypto companies close to bankruptcies,

agreed within 24 hours to sell his company to his formidable competitor Changpeng Zhao.

The empire is comprised part of FTX.com exchange, among the ambassadors of which are professional athletes Stephen Curry and Tom Brady.

Additionally, there's the high-frequency trading site Alameda Research. The financial specifics of this transaction weren't revealed.

However, this deal could be described as a bailout Zhao stated the fact that FTX along with Alameda were in the process of being insolvent.

"This morning, FTX asked for our assistance," Zhao, co-Founder and CEO of Binance posted on November. 8. "There is a serious liquidity shortage.

To ensure the safety of our customers, we made a non-binding agreement to sign an LOI with the intention of fully acquiring

 http://FTX.com and assist in addressing the liquidity crisis. We'll be conducting the full DD in the next few months," he added.

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