Main Takeaway: Selling Pressure On Exchange Tokens
The law of the jungle is prevailing as war breaks out between crypto figureheads CZ and SBF. The target of this battle is FTT, an exchange token that’s receiving significant short selling and spot selling pressure as questions over Alameda Research’s solvency begin feeling more real. The current situation is resulting in downward pressure on Alameda Research’s liquid assets such as Ethereum, Bitcoin, USDC, and Solana. Investors and traders should keep their eyes on the health of the large players in the midset of over-leverage by the large crypto exchange run by SBF.