Why Bitcoin, Ethereum, and Aptos Are Down Big on Tuesday Morning
Cryptocurrencies didn't just wake up on the wrong side of the bed this morning; they had a terrible night. At 9:45 p.m. ET on Monday, the bottom fell out of the FTX Token (CRYPTO: FTT) and the race was on to sell everything in crypto.
The worst of the decline was reserved for smaller cryptocurrencies, but as of 9:40 a.m. ET, Bitcoin (CRYPTO: BTC) has fallen 5.8% in the last 24 hours, Ethereum (CRYPTO: ETH) is down 7.5%, and Aptos (CRYPTO: APT) has dropped 13.3%.
Drama has been building in the crypto space for about a week after CoinDesk reported that Sam Bankman-Fried's trading arm, Alameda Research, has $14.6 billion in assets and $8 billion in liabilities. That's not a problem in itself, but CoinDesk also said that $5.8 billion of the assets were the FTX Token, FTT. It's notable that Bankman-Fried also founded the FTX exchange, which is one of the top exchanges in cryptocurrencies.
Source Fool.com
