Binance still collapsed the FTX token by 72%. At the beginning | IntelexGlobal.free

Binance still collapsed the FTX token by 72%. At the beginning of 2022, FTX was valued at $32 billion, now at $900 million. FTX was very afraid of competitors and bought cryptocurrency-related startups for all their income and had no reserves. Binance took advantage of this at a critical moment by starting to short their token with a huge supply of liquidity, FTX had no money to keep the price and the token collapsed, users began to withdraw deposits from FTX. FTX has failed to cope with a huge capital outflow and is blocking withdrawals of large amounts. Binance took 36 hours to study FTX accounting documents and either buy and save the FTX token or the exchange faces bankruptcy. The lack of liquidity has ruined many businesses, including crypto businesses. Bitcoin reacted to this event by falling, the first cryptocurrency dropped to $16,700 on Wednesday. From the point of view of technical analysis, we can most likely expect Bitcoin at $15,000 and then a rebound. This is not an economic crisis of cryptocurrencies. This is a game of two competitors