Lehman Brothers 2.0

Main Takeaway: Crypto Markets Crater 10% Over Institutional Insolvency

The biggest event of the day was FTX going insolvent and bankrupt, which resulted in a massive crypto crash that has cratered the markets by over 10% Due to this event, it’s important that traders and investors put their trust into exchanges that have better safety and storage practices, such as Phemex – and avoid exchanges that take customer funds and invest them away. FTX and its affiliated investment arms had a wide reach throughout crypto, thus there’s likely to be a series of further insolvencies to be revealed in the coming days and weeks. Another bottom is likely in the books for November.