Why Cryptocurrencies Went Into Free Fall Overnight
The cryptocurrency market went into free fall overnight after Binance CEO Changpeng Zhao and FTX and Alameda Research founder Sam Bankman-Fried escalated their feud. The fallout has been widespread but there were some key moves among certain digital currencies.
As of 7:30 a.m. ET, FTX Token (CRYPTO: FTT) has fallen 22.7% in the last 24 hours, Solana (CRYPTO: SOL) is down 10.2% and hit a low of $25.51, and Dogecoin (CRYPTO: DOGE) has dropped 13%. The one token that hasn't lost a significant amount of value is BNB (CRYPTO: BNB), which is off 1.8% in the past day.
Over the last week, a feud between Bankman-Fried and Zhao has erupted. The exact origins aren't clear, but the two have been publicly sparring on Twitter in recent days. A final straw for the market was when Binance said it would sell the $500 million in FTX tokens that it owns.
Source Fool.com
