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Interesting update in the press with regard to the plight of FTX, one of the worlds most sizeable Crypto marketplaces. It continues to demonstrate the volatility in the digital assets market, influenced seemingly by media hyperbole and in turn that concern purveyed to the market, which has caused at times seismic repercussions. Conversely, the oft considered 'comical' dogecoin doubled its share price following Elon Musk's acquisition of Twitter, and now has a market value of $21 billion, according to data platform CoinGecko. What remains clear despite the continued severe fluctuations for market participants, digital currencies are the now and indeed the future.
The digital assets market has been rocked by the near-collapse of one of the world's biggest cryptocurrency exchanges, FTX. On Tuesday, FTX struck a bailout deal with larger rival Binance after a surge in withdrawals caused a "significant liquidity crunch". Concerns about FTX's financial health reportedly triggered $6bn (£5.2bn) of withdrawals in just three days. Binance says it agreed to buy FTX's non-US unit, pending due diligence. FTX's founder Sam Bankman-Fried and Binance's chief executive Changpeng "CZ" Zhao are two of the most powerful people in the cryptocurrency market and high-profile rivals.
