On Friday, the BTC is recovering. Main fluctuatuons are near 16,777 USD.
However, strategically the BTC remains inside the range of 15,500-17,200 USD, which will be quite tricky to escape.
The crypto market will need a lot of time to cure its nerves and decide something with trust. The stress after the story with Binance and FXT will be lengthy.
Capitalisation of the crypto market is estimated as 837.14 billion USD. The BTC takes up 38.5%, the ETH – 17.8%.
Nanse: FXT tokens were vulnerable
Nansen analysis shows that the FTT, the token of the FXT exchange, was vulnerable due to limited liquidity. Judging by the gathered statistics, 86% of the FTT tokens were initially controlled by the exchange itself and a connected to it the Alameda Research company.
Binance cooperates with regulators
Binance has confirmed that it is having a dialogue with regulatora of many countries about what is going on with FXT. However, no details were provided. According to Bloomberg, the British Treasury Committee, for example, counted on getting their hands on insider information from Binance about the reasons for selling the FTT on 6 November.
Money keeps flowing out of crypto exchanges
According to CoinGlass, starting 7 November and by now, traders have withdrawn no fewer than 220,000 coins from exchanges. The reason is that investors are afraid of storing their digital assets on trading platforms and tend to use OTC storage mechanisms.