November 8, 2022, 10:16 pm EST
Another Crypto Collapse (FTX Token)
Another cryptocurrency collapse today. This time FTX’s token drops about 75% from 22 to 5 dollars after Binance decided to acquire the company. If anyone has FTX before today, the majority of the value is being wiped out. It is definitely a failed investment either losing 75% or 90% of the value.
Other coins also suffered altogether:
- Bitcoin: -12%
- Ethereum: -19%
- XRP: -19%
It will be no surprise to see any of these coins drop 50% or 75% in a short period of time because they do not hold any tangible values behind these virtual products.
At this moment, many Dow Jones stocks are making or approaching their 52-week high: AMGN, MRK, MCD, BA, UNH, and HON.
Thus, it is wiser to avoid highly speculative investment objects like cryptocurrencies.