The near collapse of Sam Bankman-Fried’s FTX digital asset platform rocked the very foundations of the cryptocurrency industry.
Following a surge in customer withdrawals, the crypto exchange faced a serious liquidity crisis until Binance stepped in with a deal to rescue its arch-rival.
The deal will consolidate Binance’s position as the largest platform in crypto trading if completed. But for now, news about the bailout is hurting the crypto markets.
Bitcoin fell more than 17%.
US-listed crypto exchange Coinbase dropped 14%.
And FTX is down 75% as contagion hits the broader markets.
The hard selloff in FTX is also causing a big break in bitcoin.
A ton of volume has built out at current prices.
And if it breaks further, traders could end up with no liquidity until Bitcoin hits $12,000.
If we hit $12,000 — and I’m very confident we will over the next few months…
I’ll be building out some long positioning using our PVA Trading Roadmap.
PVA means Precision Volume Roadmap.
It is a simple investing framework anyone can use to thrive in these volatile markets, and you can watch my free training to see how it’s working for other traders.