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Crypto Crisis: Bitcoin Drops 17% and No Hope


The crypto industry is in the midst of a new crisis of confidence.

As crypto prices begin to stabilize, the new drama has derailed the sense of relief that has finally settled into the crypto market this year.

The consequences and impact of this drama are far from established because the shock is so great.

Sam Bankman-Fried, who emerged this summer as the savior of crypto companies on the brink of bankruptcy, agreed within 24 hours to sell his empire to his great rival Changpeng Zhao.

This empire was formed from the exchange FTX.com, two of which are represented by sports stars Stephen Curry and Tom Brady. There is also the Alameda Research high-frequency trading platform. Financial details of the transaction were not disclosed.

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