While everyone is watching election ballot drops and wondering what the hell is going on in Maricopa County, investors in FTX are wondering what the hell is going on with their accounts. This is getting a lot of coverage in the financial channels, but outside of that … not much! Yet, those who are impacted are probably feeling really horrible about what’s going on. Binance is in then out. What are these folks going to do?
Overall, what does this mean for crypto? Do people who have money elsewhere invested in various cryptos head for the exits, hold on for dear life (HODL), or what? Bitcoin and Etherium took a beating today on the market, and it will be interesting to see how the whole crypto market holds up in the days, weeks and months ahead.
Disclosure: Zero holdings in crypto.