The collapse of FTX led to the complete destruction of the price of the FTT token, as it fell from $22 to under $2 within a matter of days.
Since then, traders and speculators have been scrutinising other exchanges heavily. Exchanges have been forced to show their proof of reserves and to go to greater lengths to become as transparent as possible.
It is important that exchanges do compete with one another to demonstrate their transparency, since regulators are now looking at the entire industry very hawkishly.
Could Crypto.com be insolvent?
Crypto.com is one exchanges that many suspect may be experiencing problems at the moment.
Cronos (CRO), formerly known as Crypto.com Coin, could well face a similar face as FTX, as many people currently believe that the are the next exchange to become insolvent.
There are many similarities between Crypto.com and FTX, notably that they both spent huge amounts of money on marketing, including buying large sponsorship deals with stadia around the world.
Before he was the CEO of https://t.co/IaPA60CWDb, Kris Marszalek departed his last job in Hong Kong “amid accusations from customers and business partners that they had been ripped off.” After that, he started the crypto exchange. More: https://t.co/Ljwp8qcsrF w/ @levynews
— MacKenzie Sigalos (@KenzieSigalos) November 15, 2022
If a bank run happens on the Crypto.com exchange (and there are already some early signs), the exchange could face a fate similar to FTX, where the value of the FTT token has been entirely wiped out. There are key differences, as Cronos is a Turing complete blockchain with various dApps built on it, while FTT was merely an ERC20 token. Still, the market will likely react negatively to CRO if it thinks the Crypto.com exchange is in financial trouble.
There have already been some strong signs of this, with the price of CRO having fallen significantly already over the course of the last week.
D2T
Dash 2 Trade is a trading and crypto signals platform that is perfect for those who wish to trade the market volatility.
Positioning itself as the “Bloomberg terminal of crypto”, Dash 2 Trade is a project that allows speculators and traders to capitalise on the volatility in the crypto markets by providing them with all the tools that they could need to have an edge.
The dashboard brings together all of the tools that speculators could want to know in order to effectively trade an asset.
TORA
TORA is the native token of the RobotEra ecosystem, which is a new play to earn gaming project focused on the metaverse.
A user becomes a robot in the metaverse and has the opportunity to cultivate and care for their own land.
They can participate in the ecosystem to earn play to earn rewards, as well as use the TARO token as a governance token to be able to vote on future changes and developments made in the game.
RIA
Calvaria is a brand new play to earn gaming ecosystem that spans multiple blockchains, and is currently in its presale.
Thus far in the Calvaria presale for the RIA token, $1.7m has been raised in an extremely short space of time, and the presale continues to sell out quickly.
Currently, the price of RIA is being sold at a rate of 40 RIA per dollar, but this will increase such that one dollar only buys 33.33 RIA at the next stage.
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