CZ Likens FTX To Lehman Brothers; Crypto Crash To Worsen

FTX crypto crash to worsen?: Binance CEO Changpeng Zhao ‘CZ’ said the crypto market is yet to see its worst phase after the FTX collapse. Comparing the current crypto crash to the 2008 global financial collapse, he said more companies could crash in near future. CZ was speaking at conference earlier on Friday, when he said there would be cascading effects on the crypto industry. Meanwhile, FTX Token (FTT) recovered slightly after news of Justin Sun rescuing Sam Bankman-Fried appeared.

Crypto Crash Similar To 2008 Lehman Brothers Collapse

Considering the events that transpired around FTX this week, CZ said, the global financial crisis is an “accurate analogy” for the FTX collpase. According to a Financial Times report, CZ warned during the conference that more crypto companies, and especially tose close to FTX, would suffer more in the coming weeks.

“With FTX going down, we will see cascading effects. Especially for those close to the FTX ecosystem, they will be negatively affected.”

As of writing, the FTX token price stands at $3.19, up 11.37% in the last 24 hours, according to price tracking platform CoinMarketCap. FTT is currently ranked 76 based on market cap, with its value dropping nearly 90% over the last one week.

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

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