The crypto market falling right now has been the weirdest so far because it was almost as if we could see what was about to happen before it happened. Starting with CZ being seen as the enemy of the state after he appeared to have helped FTX with their processes. FTX’s owner attacked this post as if he didn’t know what he was saying before we knew what was happening the two of them were on the same side and the general public was on the other side.
The conversations between CZ and the owner of the FTX exchange ended up throwing everything to Binance. The next thing we saw was that CZ was making claims to have acquired FTX and he was saying the truth all along.
My problem is what was the need in having speculators running around when nobody was sure who would be bled? My heart goes out to those who were holding FTX. I fear that Binance will be drawn to the ground the same way in the future.
The fact the FTX was having the same legal issues that Ripple has been caught up in is adding extra instability to the market, more than we could have ever thought would be possible.
With Binance hardly being moved by this market correction only God knows what is going to happen next.
What if the SEC start coming after Binance? Nobody knows for sure if that is a possibility but we know the reason why they haven’t come after Etherium is that there are so many elites holding Etherium, it would be crazy for them to shoot themselves in the foot like that.
For us here in Hive, this has been the biggest fall since we hit $3. We got to $0.35 in most markets but we are gradually recovering some grounds. How long will we be affected by these backs and forths? If we had exchanges built in that could handle similar transactions in Binance we would be on our way to something fantastic. If Hive market had the option for P2P and quicker fiat purchases that don’t require bank apps it would fortify our position and reduce our dependence on these markets.