Thursday, December 8, 2022
 

FTX Customers May Not Recover a Large Portion of Their Deposits

Customers of FTX face a slim chance of recovering much of their deposits, as the crypto exchange has $9 billion in liabilities, but only $900 million in liquid assets. In addition, FTX has $9 billion in illiquid assets that mainly consist of tokens such as FTX Token (FTT) and Solana (SOL), the prices of which have plummeted over the last week.

At press time, the price of FTT is trading at $1.53 following a 21.02% drop in price over the last 24 hours, according to CoinMarketCap. After establishing a 24-hour high at $2.17, FTT’s price dropped to a low of $1.29 before recovering to its current level.

Daily chart for FTT/USDT (Source: CoinMarketCap)

The daily chart for FTT/USDT shows the tragic downfall of FTT and the broader FTX ecosystem over the last week. This led to the price of FTT dropping from $25.85 to $5.50 between the 5th and 8th of November 2022. Thereafter, the price tumbled further in the days that followed.

In terms of SOL, it is currently trading at $12.58 after its price dropped 13.12% over the last 24 hours.

Daily chart for SOL/USDT (Source: CoinMarketCap)

The price movement of FTT over the last week can also be seen on SOL’s daily chart as its price also dropped in dramatic fashion during the same time period. This drop saw SOL’s price be pushed down from $37.06 to $14.08.

Thereafter, the price of SOL recovered slightly to reach a high of $18.87 before closing at $17.66. The days that followed have all closed in the red, as can be seen on the chart.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

Customers of FTX face a slim chance of recovering much of their deposits, as the crypto exchange has $9 billion in liabilities, but only $900 million in liquid assets. In addition, FTX has $9 billion in illiquid assets that mainly consist of tokens such as FTX Token (FTT) and Solana (SOL), the prices of which have plummeted over the last week.

At press time, the price of FTT is trading at $1.53 following a 21.02% drop in price over the last 24 hours, according to CoinMarketCap. After establishing a 24-hour high at $2.17, FTT’s price dropped to a low of $1.29 before recovering to its current level.

Daily chart for FTT/USDT (Source: CoinMarketCap)

The daily chart for FTT/USDT shows the tragic downfall of FTT and the broader FTX ecosystem over the last week. This led to the price of FTT dropping from $25.85 to $5.50 between the 5th and 8th of November 2022. Thereafter, the price tumbled further in the days that followed.

In terms of SOL, it is currently trading at $12.58 after its price dropped 13.12% over the last 24 hours.

Daily chart for SOL/USDT (Source: CoinMarketCap)

The price movement of FTT over the last week can also be seen on SOL’s daily chart as its price also dropped in dramatic fashion during the same time period. This drop saw SOL’s price be pushed down from $37.06 to $14.08.

Thereafter, the price of SOL recovered slightly to reach a high of $18.87 before closing at $17.66. The days that followed have all closed in the red, as can be seen on the chart.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

 

Latest news