Significant news came out of the crypto world today with the announcement that Binance is effectively bailing out Sam Bankman-Fried's FTX. This story has been quickly developing over the past couple of days and it seems the current hypothesis is that Sam's Alameda Research outfit has been the primary driver of demand for FTX's token, FTT.
The theory is that FTX was issuing new FTT tokens and lending them to Alameda, which then used them as collateral for purchasing various stable coins. If you're getting a sense of Deja Vu here, you're not alone.
The big question around here would be whether this FTX fiasco causes any issues for HIVE. There's absolutely no direct impact to HIVE as it wasn't even on FTX's radar. But, the general sentiment of the crypto market does have an impact on HIVE valuations. It seems that maybe that sentiment shift has started to hit HIVE over the past few hours.
The volume is not that significant compared to previous large moves in the price of HIVE, so I'm not entirely sure what the driver is for this move other than shifting sentiment in the crypto space. With prices dipping down to 0.40 USD per HIVE, I'm dipping my toe in and picking up some more HIVE with the HBD I've been sitting on for a while now.
Once this FTX issue blows over, I think market stability will return and hopefully we will see HIVE move back up to its 0.50 USD average it's been hovering around for a while now.
Posted Using LeoFinance Beta
Exciting times ahead! Gotta stay calm! :)
I’m genuinely curious to see what happened inside FTX and Alameda. Sam was seen as a savior of the industry and seemingly had deep pockets. But it now sounds like it was all a charade.
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