I Warned You, Once Again Another Big Catalyst Called Out. RIP FTX.COM...

I Warned You, Once Again Another Big Catalyst Called Out. RIP FTX.COM...
November 6, 2022 at 6:54PM

Alright, so it happened.

Warned about FTX insolvency due to liquidity issues surrounding FTX's FTT token. In a different article, I will go in-depth into the technical issues for the implosion of FTX that occurred today.

You have no clue how fucking big this is. FTX was the second largest exchange next to Binance. FTX was the last resort of reserves if exchanges and lenders had liquidity issues such as when FTX bailed out crypto lender BlockFi with a $240 million dollar purchase.

There was a reason that I posted this on my main Instagram story where I needed to warn more of my following rather than gatekeep the news (which was a rumor at the time) in the case that I may not know are even in crypto especially if their funds were in FTX.COM or FTT token.  The two charts above are BTC and FTT where I highlight the time of posting my warning of the FTX news and can see the significant drop in BTC as it made a new yearly low and FTT dumping over 85%.

Part of my warning was to reduce holdings off of FTX. When it comes down to low liquidity issues, there is no FED as last resort to reimburse investors if an institution, fund, or in this case an exchange goes bankrupt. In this case, they would halt any request for withdrawals from their exchange because they don't have the billions of dollars in actual cash to fulfill those requests by investors so those requests will be delayed.

And guess what happened? Exactly that this morning as retailers were panic selling after the Binance to buy FTX.COM news came out.

Read more here:https://www.coindesk.com/business/2022/11/08/ftx-exchange-halts-all-crypto-withdrawals/

What I am trying to get at is news is important in this market. Since the market is still new and adoption is still very young, news headlines can move the market in a huge volatile way. I want crypto to succeed, I can be the biggest bull but I will always acknowledge and inform negative news/narratives that make sense that you guys may not want to hear but today you witnessed the fast crash of one. Anything can happen always be prepared for the worst. I gave a two day's notice and hopefully saved investors thousands of profits and initial capital possibly from getting in at the wrong time.

Saving a brother 

Stay strong

Fortune Favours The Bold.